IDBI Bank has entered a Share Purchase Agreement (SPA) with Ageas Insurance International NV (Buyer) and The Federal Bank
(Buyer) on 05 August 2020 wherein IDBI Bank has agreed to sell up to 27% stake in its joint venture arm IDBI Federal Life Insurance Company to the aforesaid Buyers.
As per said agreement, while 23% stake would be sold to Ageas, Federal Bank would acquire up to 4% stake in IFLI from IDBI Bank. The transaction would be concluded subject to regulatory approvals.