LIC owns 6.66% in Jio Financial Services through demerger action

LIC owns a 6.660% shareholding in Jio Financial Services Ltd. through a demerger action by Reliance Industries Ltd.

In a BSE filing on Tuesday, LIC said: "Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that Corporation has acquired 6.660% shareholding in “JIO FINANCIAL SERVICES LTD.” through demerger action by “Reliance Industries Ltd.” as per the notice by company dated 19th July 2023."

LIC said that the cost of the acquisition of shares is 4.68 per cent of the pre-demerged cost of Reliance Industries Limited as per the notice of the company dated 19/07/2023 to the stock exchanges.

The share of LIC was trading higher by 2.08 per cent at Rs 664.40, while the stock of Jio Financial Services Ltd. was nearly 5 per cent down at Rs 239.20 as of writing this news.

The news came a day after Jio Financial made its debut on the BSE and the NSE on Monday.

The share of Jio Financial, a subsidiary of Reliance Industries, opened at Rs 262 on the BSE on Monday.  

(The story will be updated shortly)