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IDBI Bank to sell entire stake in life insurance arm to JV partner

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Also plans to sell up to 11.10 per cent stake in NSDL

The Board of Directors of IDBI Bank on Tuesday approved sale of the Bank’s entire 25 per cent stake in Ageas Federal Life Insurance Company Limited (AFLI) to Ageas Insurance International NV (Ageas).

The Board also granted in-principle approval for divestment of the Bank’s stake up to 11.10 per cent of paid up share capital of National Securities Depository Ltd (NSDL). IDBI Bank 26.10 per cent stake in NSDL.

The sale of the entire stake of 20 crore equity shares by IDBI Bank in AFLI to Ageas is pursuant to exercise of Call Option by Ageas, the Bank said in an exchange filing.

The details of the aforementioned sale will be separately informed to the Stock Exchanges once the Share Purchase Agreement is executed by the Bank, per the filing.

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The sale of IDBI Bank’s stake up to 11.10 per cent of NSDL’s paid up share capital will be through market driven process.

Meanwhile, the Bank’s Board has approved Rupee bond borrowing limit of ₹8,000 crore for FY 2022-23. The resources, which will be borrowed in one or more tranches, comprised of Additional Tier I (AT-1) Bonds up to ₹3,000 crore and Senior/ Infrastructure Bonds up to ₹1,000 crore by way of private placement.

Published on

March 29, 2022

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