IDBI Bank exits insurance, sells entire stake to Ageas for Rs. 580 crore

IDBI Bank has entered into a share purchase agreement with Ageas Insurance International, wherein the bank is looking to sell its remaining stake of 25 percent in private sector life insurer Ageas Federal Life Insurance for Rs 580 crore, making Ageas one of the few foreign insurers to raise its stake in its Indian insurance joint venture to 74 percent, after the government raised the FDI cap in the insurance sector.

The transaction is expected to be completed in Q2FY23, subject to regulatory approvals and satisfaction of the terms and conditions set out in the share purchase agreement.