Life Insurance Corporation of India (LIC), the state-run insurance behemoth, on Tuesday announced that it has acquired 6.66% shareholding in Jio Financial Services Ltd. (JFSL).
In an exchange filing, LIC said that the cost of acquisition of JFSL shares, which was done through the demerger of the non-banking financial entity, is 4.68% of the pre-demerged cost of Reliance Industries as per the notice of the company dated July 19.
LIC holds a 6.49% stake in Reliance Industries as of June 30, 2023.
Jio Financial Services Limited (JFSL), formerly known as Reliance Strategic Investments Limited, the demerged financial arm of Reliance Industries, made its stock market debut on August 21.
Jio Financial Services share price was locked at 5% lower circuit for the second consecutive session on Tuesday after making a tepid listing a day before.
JFSL shares were listed at ₹265 per share on the BSE and ₹262 per share on the NSE Monday against the discovered price of ₹261.85 apiece.
JFSL shares have been admitted to dealings on the exchange in the list of T group of securities and the stock will be in the “Trade-for-Trade” segment for 10 trading days. Therefore, no intraday trading will be allowed in JFSL shares. Investors can perform only delivery based buying and selling under T2T Group stock.
At 10:50 am, Jio Financial Services share price was 5% lower at ₹239.20 apiece, while LIC share price was trading 0.24% higher at ₹653.40 apiece on the BSE.
