Jio Financial Services: The PSU life insurance giant, LIC of India on Tuesday said that it has acquired 6.66% shareholding in Jio Financial Services Ltd. (JFSL) through demerger action by Reliance Industries Ltd.
According to an official notice by the company dated 19 July, 2023, the cost of the acquisition done through the demerger of the NBFC entity is 4.68 per cent of the pre-demerged cost of Reliance Industries.
The Life Insurance Corporation, as of 30 June, 2023, holds a 6.49% stake in Reliance Industries.
JFSL (formerly known as Reliance Strategic Investments Limited), the demerged financial arm of Reliance Industries, made its stock market debut on August 21.
On Monday the stock made a decent opening at Rs 265 on BSE and Rs 262 on NSE at 10 am, however, it soon fell under selling pressure amid block deals.
JFSL shares ended the day 5% lower at Rs 248.90 on NSE and at Rs 251.75 on BSE.
On Tuesday, post this announcent, LIC shares were trading 2.02% higher as of 11:27 AM, while JFSL share price was locked at 5% lower circuit for the second consecutive session.
Jio Financial Services shares opened at ₹239.20 apiece, 5% lower than the previous closing price of ₹251.75 apiece on the BSE.
