The Board of Directors of IDBI Bank yesterday, approved sale of the Bank’s entire 25% stake in Ageas Federal Life Insurance Company Limited (AFLI) to Ageas Insurance International NV (Ageas).
The Board also granted in-principle approval for divestment of the Bank’s stake up to 11.10% of paid up share capital of National Securities Depository Ltd (NSDL, through market driven process. IDBI Bank holds 26.10% stake in NSDL.
The sale of the entire stake of 20 crore equity shares by IDBI Bank in AFLI to Ageas is pursuant to exercise of Call Option by Ageas.
The stock price has been in the green following this news. The stock opened 1.5% higher at Rs.43.50 and went up to an intraday high at Rs.44.20. Its 52-week high is at Rs.65.25.