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LIC Policy: Get Up To Rs 75,000 Life Insurance Cover For Rs 100 only

LIC Policy: Get Up To Rs 75,000 Life Insurance Cover For Rs 100 only
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IDBI Bank sells 23% stake in life insurance JV to Belgian partner

LIC-controlled IDBI Bank on Thursday said it has sold 23 per cent stake in life insurance venture to foreign partnerAgeas for Rs 507 crore.
With this transaction, the stake of the Belgian partner inIDBI Federal Life Insurance Co Ltd (IFLI)hasrisen to 49 per cent, the upper foreign direct investment limit prescribed by the law.
IDBI Bank completed sale transaction of its 23 per cent stake to Ageas Insurance International on December 31, 2020 pursuant to receipt of the requisite regulatory approvals, the bank said in a regulatory filing.
"Pursuant to sale of 23 per centholding representing 18,40,00,000 shares to Ageas for a consideration of Rs.507.10 crore, IDBI Bank'sshareholding in IFLI now stands at 25 per cent from the earlier 48 per cent," it said.

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IDBI Bank I IDBI Bank sells 23% stake in life insurance JV to Ageas for Rs 507 crore

Updated Dec 31, 2020 | 20:35 IST
The stake of the Belgian partner Ageas Insurance International in IDBI Federal Life Insurance Co Ltd (IFLI) has risen to 49 per cent, the upper foreign direct investment limit prescribed by the law.
IDBI Bank sells 23% stake in life insurance JV to Ageas for Rs 507 crore | Photo Credit: PTI
New Delhi: LIC-controlled IDBI Bank on Thursday said it has sold 23 per cent stake in life insurance venture to foreign partner Ageas for Rs 507 crore.
With this transaction, the stake of the Belgian partner in IDBI Federal Life Insurance Co Ltd (IFLI) has risen to 49 per cent, the upper foreign direct investment limit prescribed by the law.

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