Insurance 22-Aug-23
LIC acquires 6.66% stake in Jio Financial Services
Life Insurance major LIC has picked up 6.66% stake in newly listed Jio Financial Services Ltd.
“Cost of the acquisition was 4.68% of the pre-demerged cost of Reliance Industries Ltd”, according to the notice of the company dated July 19, 2023, LIC said in an exchange filing on Tuesday.
According to the shareholding pattern of the demerged financial arm of Reliance Industries Ltd, the promoter group owns 46% equity in the company.
Jio Financial Services, which entered the bourses on Monday, fell 10% in two days. The share of the company, which started trading at Rs 262 on the National Stock Exchange, ended the session at Rs 248.90. The stock fell 5% due to selling pressure from index funds. The losing streak continued for the second straight day as the stock was stuck in lower circuit at Rs 235.45 on the NSE.
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