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Jio Financial Services' 6.66% stake is acquired by LIC through a demerger procedure
Aug 22, 2023
Life Insurance Corporation (LIC) said on Tuesday that it had acquired a 6.66 percent share in Jio Financial Services, the demerged non-banking financial services unit of the Mukesh Ambani-led Reliance business.
"... Corporation has acquired 6.660 percent shareholding in 'Jio Financial Services Ltd' through demerger action by 'Reliance Industries Ltd'," LIC said in a regulatory filing.
On August 21, Jio Financial Services got listed on the stock exchanges. The financial services company has a market capitalisation of over Rs 1.60 lakh crore.
The LIC added that Jio Financial Services' acquisition cost is 4.68 percent of Reliance Industries' pre-demerged cost.
Source: Media Reports
To understand market dynamics, regularly check the Jio Finance share price
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