IDBI Bank is likely to sell 23 percent stake in IDBI Federal Life to Ageas Insurance. The deal is expected to be inked as early as today, sources told CNBC-TV18. The insurance arm may be re-christened as Ageas Federal Life Insurance, they said.
The stake sale could fetch IDBI Bank around Rs 400-500 crore at Rs 1,800-1,900 crore valuation. After transaction, Ageas Insurance will hold about 49 percent stake in IBDI Life and IDBI Bank will have about 21 percent stake.
Federal Bank too has announced acquiring further 4 percent stake in the company taking its total stake to 30 percent.
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