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

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