IDBI Bank to exit insurance JV by selling entire stake to Ageas for ₹580 crore
The Hindu
As of March 31, LIC-controlled IDBI Bank holds 25% stake in the AFLI
IDBI Bank on Friday said it has entered into a pact with Ageas Insurance International NV to sell its entire stake in the joint venture Ageas Federal Life Insurance Company Ltd for more than ₹580 crore.
"We hereby inform you that IDBI Bank has entered a share purchase agreement with Ageas Insurance International NV (Buyer) on May 19, 2022 to sell IDBI Bank's entire stake of 20,00,00,000 equity shares in Ageas Federal Life Insurance Company Ltd. (AFLI) pursuant to exercise of call option by Ageas," IDBI Bank said in a regulatory filing.
The transaction would be concluded subject to regulatory approvals, the lender said.
As of March 31, 2022, LIC-controlled IDBI Bank holds 25% stake in the AFLI.
IDBI Bank said that the transaction is expected to be completed in the second quarter of the current fiscal year 2022-23, subject to regulatory approvals and satisfaction of the terms and conditions set out in the agreement.
IDBI Bank is expected to receive up to ₹580.20 crore from sale of 25% stake in AFLI to Ageas, the bank added.
AFLI is a three-party joint-venture between IDBI Bank, Federal Bank and Ageas Insurance International NV, which is one of Europe's largest insurance companies.
The Madras High Court on Tuesday, June 11, 2024, rejected a plea by former special Director General of Police (DGP) Rajesh Das to restore the electricity service connection to a bungalow in Thaiyur near Kelambakkam in Chengalpattu district, and to restrain Tamil Nadu Generation and Distribution Corporation (Tangedco) officials from disturbing the power supply in future.
The Madras High Court on Tuesday, June 11, 2024, permitted Anna University to deposit, in three monthly instalments, an amount of ₹73.23 lakh before the Central Government Industrial Tribunal (CGIT) as a condition to hear a statutory appeal preferred by the varsity against the Coimbatore Regional Provident Fund (RPF) Commissioner’s order to pay dues to the tune of ₹2.44 crore to contract employees.