Federal Bank entered into an agreement to buy up to 4% stake in IDBI Federal Life Insurance Co., from IDBI Bank in a price not exceeding Rs 27.56 per equity share.
The trade is subject to regulatory approvals from Reserve Bank of India (RBI) and Insurance Regulatory and Development Authority (IRDAI). The deal is anticipated to be implemented in 9 months.
Federal Bank now holds 26% stake in IDBI Federal Life Insurance Co, which makes it a member of this bank. Post buy, the entire bet will grow up to 30%. The statement was made during market hours now, 8 August 2020.
Federal Bank’s net profit rose 4.3% to Rs 400.77 crore on 8.6% growth in total income to Rs ,932.52 crore in Q1 June 2020 over Q1 June 2019.
Federal Bank works through four sections: treasury, wholesale or corporate banking, retail banking and other banking operations. The bank has 1 ),263 branches, 1,936 ATMs/Recyclers according to 30 June 2020.
Shares of Federal Bank rose 0.19% to Rs 52.45 on BSE. The stock hovered in the assortment of Rs 51.70 to Rs 53.30 at intraday.
Powered by Capital Industry – Live News
(This narrative hasn’t yet been edited by Business Standard personnel and is auto-generated by a syndicated feed.)