Shardul Amarchand Mangaldas advises IDBI Bank Ltd in the sale of upto 27 per cent stake in IDBI Federal Life Insurance Company Ltd.
August 11, 2020
Shardul Amarchand Mangaldas & Co advised IDBI Bank Limited in relation to the proposed sale of up to 27% stake of IDBI Federal Life Insurance Company Limited (IFLI) to its joint venture partners Ageas Insurance International NV (23% stake) and Federal Bank Limited (upto 4% stake).
IDBI Bank currently holds 48% stake in IFLI. Post completion of the transaction, IDBI’s stake would be atleast 21% in IFLI and Ageas Insurance International NV and Federal Bank Limited stake would be at 49% and up to 30% respectively in IFLI. The deal is valued at approx. INR 595,00,00,000 (approx.). The date of signing was 5 August 2020.
The consummation of the transaction is subject to regulatory approvals and satisfaction of the terms and conditions set out in the share purchase agreement executed between the parties.
SAM & Co. acted as the legal counsel to IDBI Bank Limited. The transaction team was led by Abhishek Guha, Partner; Roopal Kulsrestha, Partner; Jagriti Mohata, Counsel; Keegan Pavrey, Associate; Meghna Nachappa, Associate.
AZB & Partners advised Ageas Insurance International NV.; L&L Partners advised Federal Bank Limited.
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