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IDBI Bank sells stake in insurance JV

IDBI Bank has approved selling a 27% stake in IDBI Federal Life Insurance Co, its life insurance joint venture with Federal Bank and Belgium’s Ageas Insurance International to the two partners for Rs 595 crore. The bank will sell a 23% stake to Ageas and 4% to Federal Bank. The deal values the insurance company around Rs 2200 crore. The bank had 48% stake in JV while Federal Bank and Ageas held 26% stake each. Post the sale, the bank will have 21% stake, while Federal Bank’s stake will go to 30% and Ageas 49%. The stake sale is a step towards meeting India’s insurance regulations that do not allow an insurer to own a stake of more than 10% in another insurance company. IDBI Bank is 51% owned by state-run Life Insurance Corporation.

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