Jio Financial Services' 6.66% stake is acquired by LIC through a demerger procedure

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

Related Blogs
blog-logo

Share Market

blog-logo

12 mins read . 12 Jul 2024

Ritesh Agarwal: The OYO Founder’s Success Story

  • 0 people read
blog-logo

Share Market

blog-logo

15 mins read . 08 Jul 2024

Best Oil & Gas Stocks in India

  • 0 people read
Kickstart your equities journey today You've got this
By submitting this I agree to the terms & conditions