Corporate News 06-Aug-20
Federal Bank signs agreement to acquire up to 4% stake in IDBI Federal Life Insurance Co.
Federal Bank has entered into an agreement to purchase up to 4% stake in IDBI Federal Life Insurance Co., from IDBI Bank at a price not exceeding Rs.27.56 per equity share. The transaction is subject to regulatory approvals. The Bank currently holds 26% stake in IFLIC, making it an Associate of the Bank. Post purchase, the total stake will increase up to 30%.
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