IDBI Federal Life on the block; Prestige Estates mulls stake sale in biz verticals

IDBI Federal Life Insurance Company Ltd is looking to sell itself and is seeking a valuation of at least Rs 3,000 crore ($466 million), a Mint report said citing two people aware of the development.

The company is a joint venture of state-run lender IDBI Bank, Kerala-based Federal Bank and Belgium’s Ageas Insurance International NV. IDBI Bank holds a 48% stake in the company while Federal Bank and Ageas own 26% each.

The insurance company had started operations in March 2008. In 2015-16, the company collected a premium of Rs 1,565 crore.

The development comes after IDBI Bank’s board, in February, gave in-principle approval to sell non-core assets.

In another report, The Economic Times said that Bangalore-based developer Prestige Estate Projects Ltd is looking to sell a stake in its business verticals, starting with commercial and retail portfolios.

The developer plans to deploy the funds raised in new projects and to pare debt, the report said, citing two people aware of the development.

Prestige has restructured its assets into four business segments – office, hospitality, retail and residential.

Separately, The Economic Times reported that Sunil Munjal-led Hero Enterprise has invested $10 million in Mumbai-based Corvi LED Pvt Ltd.

Corvi designs and markets LED lights. It was incorporated in July 2014. In 2015-16, the company’s revenue was Rs 44.78 crore.

In April, Hero Enterprise had invested $15.4 million in Aavishkaar Bharat Fund, the sixth fund by Aavishkaar Venture Management.

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