LIC Subsidiary Sells Entire Stake in JV Company For Over Rs 580 Crore

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LIC Subsidiary Sells Entire Stake in JV Company For Over Rs 580 Crore

By Malvika Gurung

Investing.com -- The banking company IDBI Bank (NS: IDBI ) has informed of completing its entire stake sale in the joint venture Ageas Federal Life Insurance Company or AFLI on Wednesday.

AFLI is a joint venture between the private sector lender Federal Bank (NS: FED ), European insurance giant Ageas Insurance and the subsidiary of Life Insurance Corporation Of India (NS: LIFI ), IDBI Bank.

The Mumbai-based financial services company informed in a regulatory filing that it has completed the sale transaction of its entire stake of 20 crore equity shares in AFLI for more than Rs 580 crore, and pursuant to the sale, IDBI Bank's shareholding in AFLI stands at 0.

Post the completion of the stake sale by IDBI Bank, AFLI has become the first life insurance company in the country where the foreign partner will raise its stake to the maximum permissible limit of 74%, as cited by a CNBC TV-18 coverage.

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