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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.
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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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