Federal Bank to buy another 4% stake in its JV from IDBI Bank for Rs 80 cr

South-based lender Federal Bank will be paying over Rs 80 crore to buy additional four per cent stake in its life insurance joint venture IDBI Federal Life Insurance, a top official has said.

The stake buy from the state-run IDBI Bank will take Federal Bank's stake in the 12-year-old company to 30 per cent, the maximum permissible level for a lender under the regulations, its managing director and chief executive Shyam Srinivasan told PTI.

Without giving targeted timelines, he said IDBI Bank, which holds 48 per cent stake in the venture, will be selling 27 per cent stake in the venture to