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IDBI Bank share climbs 4% on sale of 23% stake in JV to Ageas Insurance

IDBI Bank share rose 4.34% to Rs 32.45 against previous close of Rs 31.10  on BSE

twitter-logoBusinessToday.In | January 1, 2021 | Updated 18:42 IST
IDBI Bank share rises 4% on sale of 23% stake in JV to Ageas Insurance
IDBI Bank share stands higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages.

IDBI Bank share rose 4% in trade today after the lender completed stake sale of 23% in joint venture IDBI Federal Life Insurance Company to Ageas Insurance International NV.

The bank sold 18,40,00,000 shares of IDBI Federal to Ageas for a consideration of Rs 507.10 crore. With this, IDBI Bank's shareholding in the JV now stands at 25% from the earlier 48%.

Reacting to the development, the share rose 4.34% to Rs 32.45 against previous close of Rs 31.10  on BSE.  The stock has gained 4.53% in the last 2 days. The share stands higher than 5 day moving averages but lower than 20 day, 50 day, 100 day and 200 day moving averages.

The stock has fallen 13% in one year and risen 3.86% since the beginning of this year. The stock has lost 16% in one month.

Market cap of the firm rose to Rs 34,730 crore.

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Total 18.69 lakh shares changed hands on BSE today. Later, the stock closed 3.86% higher at Rs 32.30.

IDBI Bank said, "Following this transaction, the joint venture has been rebranded as Ageas Federal Life Insurance Company Limited." In August last year, the bank inked a Share Purchase Agreement to sell 27% of its stake in its joint venture arm IDBI Federal to other JV partners viz. 23% to Ageas Insurance International NV (Ageas) and 4% to The Federal Bank (Federal Bank).

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