LIC Acquires 6.66% Stake In Jio Financial Services As per the reports, the cost of acquisition of Jio Financial Services is 4.68% of the pre-demerged cost of Reliance Industries
By Teena Jose
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Life Insurance Corporation (LIC) on Tuesday said it has acquired a 6.66% stake in Jio Financial Services, the demerged non-banking financial services unit of the Mukesh Ambani-led Reliance group, according to a PTI report.
"Life Insurance Corporation has acquired 6.660 per cent shareholding in 'Jio Financial Services Ltd' through demerger action by 'Reliance Industries Ltd'," LIC said in a regulatory filing, adding that the cost of acquisition of Jio Financial Services is 4.68% of the pre-demerged cost of Reliance Industries.
Reportedly, Jio Financial Services listed on the stock exchanges on August 21. The market capitalisation of the financial services company stood at close to INR 1.60 lakh crore. Shares of Jio Financial Services were trading at INR 239.20 apiece, down 4.99%, hitting the lower circuit limit for the second straight session on the BSE.
On August 21, The scrip listed at INR 265 on the BSE, up 1.20% against the INR 261.85 -- the price fixed at a special price discovery session held last month. The stock later declined 3.85% to hit INR 251.75 -- its lower circuit limit, stated the report.
