Max Life Insurance on Friday threatened to walk out of IDBI Federal Life Insurance stake sale, if IDBI Bank and Federal Bank did not reply to its letter by the end of the day.

Analjit Singh promoted, Max Life Insurance, in the letter has placed some prerequisites, like performance guarantee and bancassurance tie-up.

If Max Life Insurance exits the stake sale, Aditya Birla Sun Life Insurance will be the sole bidder.

IDBI Federal Life is a joint venture between IDBI Bank and Federal Bank, with Belgium-based Ageas SA/NV as the foreign partner.

While IDBI Bank holds a 48% stake in the venture, Federal Bank and Belgian life insurer Ageas hold 26% each.

First Published:Jun 8, 2018 7:17 PM IST