Shares of IDBI Bank are trading flat in morning trade today.
The bank in a newspaper advertisement said, “JP Morgan India Pvt. Ltd has been mandated for advising and managing a strategic review process for IDBI Federal Life Insurance Co. Ltd which may result in, inter alia, potential divestment of all or part of the stake held by IDBI Bank in IDBI Federal Life Insurance Company.
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JP Morgan will invite expressions of interest by way of submission of comprehensive, non-binding proposal from potential investors for evaluating the potential transaction.”
IDBI Bank currently owns 48% of the insurance company, while Federal Bank and Ageas Insurance International NV own 26% each, according to LiveMint.