The board of India-based IDBI Bank has approved a proposal to sell its stake in a life insurance joint venture.

IDBI currently owns 48% of IDBI Federal Life Insurance, along with Federal Bank and Belgium-based Ageas which own 26% each, Mint reported.

“In continuation of IDBI Bank’s earlier disclosure dated February 21, 2017, we hereby advise that the board of directors of IDBI Bank at its meeting held on Monday, January 21, 2019 has approved in-principle, the proposal to re-initiate the divestment process of the IDBI stake in IDBI Federal Life Insurance Co. Ltd,” said a regulatory filing by the bank.

If the transaction pushes through, IDBI could raise around INR30 billion (US$420.5 million), the report said.

The announcement comes after Life Insurance Corp. of India said that it has completed its purchase of a 51% stake in the bank, making it IDBI’s majority shareholder. Several other organisations, including state-owned firms, are divesting from their insurance joint ventures.