LIC acquires 6.66% stake in Jio Financial Services through demerger process

Life Insurance Corporation (LIC) on Tuesday said it has acquired 6.66 per cent stake in Jio Financial Services, the demerged non-banking financial services unit of the Mukesh Ambani-led Reliance group.

"... Corporation has acquired 6.660 per cent shareholding in 'Jio Financial Services Ltd' through demerger action by 'Reliance Industries Ltd'," LIC said in a regulatory filing.

Jio Financial Services listed on the stock exchanges on August 21. The market capitalisation of the financial services company stood at close to Rs 1.60 lakh crore.

The LIC further said that the cost of acquisition of Jio Financial Services is 4.68 per cent of the pre-demerged cost of Reliance Industries.

Shares of Jio Financial Services were trading at Rs 239.20 apiece, down 4.99 per cent, hitting the lower circuit limit for the second straight session on the BSE.

On August 21, The scrip listed at Rs 265 on the BSE, up 1.20 per cent against the Rs 261.85 -- the price fixed at a special price discovery session held last month. The stock later declined 3.85 per cent to hit Rs 251.75 -- its lower circuit limit.