April 08, 2020 10:46 pm | Updated 10:46 pm IST - Mumbai
The board of IDBI Bank has approved a proposal to sell 23-27% stake in its insurance arm IDBI Federal Life Insurance, the lender informed the stock exchanges.
IDBI Bank has 48% stake in the life insurance company while Federal Bank and Ageas Insurance own 26% each.
“..the Board of Directors, at its meeting held on Wednesday, April 08, 2020, has approved in principle the proposal to sell IDBI Bank's stake in IDBI Federal Life Insurance Company Limited (IFLI) to the extent of 23-27%,” the lender.
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