Life Insurance Corporation (LIC) has recently purchased 6.66% of Jio Financial Services, which’s the banking financial division of Reliance Group led by Mukesh Ambani. This acquisition was carried out as a result of a demerger, from Reliance Industries Ltd. Jio Financial Services made its debut on the stock exchanges at a price of Rs 265, per share and currently has a market capitalization of Rs 1.60 lakh crore.
Life Insurance Corporation (LIC) announced today that it has acquired a 6.66% stake, in Jio Financial Services, which’s the non-banking financial services unit of the Reliance group led by Mukesh Ambani.
According to LICs filing they acquired this shareholding in Jio Financial Services through a demerger action initiated by Reliance Industries Ltd. Jio Financial Services made its debut on the stock exchanges on August 21 and currently has a market capitalization of around Rs 1.60 lakh crore.
LIC further mentioned that the acquisition cost of Jio Financial Services amounts to 4.68% of the demerged cost of Reliance Industries.
On the stock exchange shares of Jio Financial Services were trading at Rs 239.20 each experiencing a decline of 4.99% and hitting the circuit limit for the consecutive session, on BSE. The stock had debuted at Rs 265 on August 21 marking an increase of 1.20% compared to its price discovery session held last month when it was priced at Rs 261.85. Subsequently, it fell by 3.85% to reach Rs 251.75, which’s its circuit limit.
Note-: Jio Financial Services Limited (JFSL) previously known as Reliance Strategic Investments Limited and the separated financial division of Reliance Industries entered the stock market on August 21. The stock was introduced at ₹265, per share on the BSE and ₹262 per share on the NSE above the discovered price of ₹261.85, per share.
