IDBI Bank Ltd. has chosen to sell its remaining 25% stake in its insurance joint venture to Ageas Insurance International NV.
The bank’s board chose to sell 20 crore shares in Ageas Federal Life Insurance Co. (formerly IDBI Federal Lifestyle Insurance Co.) to the Belgian company, according to its exchange filing on Tuesday.
Earlier, the bank had sold 23% to Ageas, following which the insurer’s name was changed from IDBI Federal LIFE INSURANCE COVERAGE to Ageas Federal Life Insurance.
Details of the proposed sale, the call option conditions and cost have not been disclosed yet. BloombergQuint’s emailed queries to the insurer about the conditions remained unanswered.