LIC acquires 6.660% shareholding in Jio Financial Services through demerger 
Special 
LIC acquires 6.660% shareholding in Jio Financial Services through demerger Life Insurance Corporation announced on Tuesday that it has acquired 6.660 per cent shareholding in Jio Financial Services, the demerged financial entity of Reliance Industries that made its stock debut on Monday.
The insurer said that the cost of the acquisition done through the demerger of the non-banking financial entity is 4.68 per cent of the pre-demerged cost of Reliance Industries as per the notice of the company dated July 19.
Meanwhile, the shares of Jio Financial Services (JFS) hit the lower circuit in its maiden trading session after its listing on Monday. The stock was listed at Rs 265 per share, a marginal premium of over 1 per cent over its derived price of Rs 261.85 on July 20, the date of the company’s demerger. The total market capitalisation of JFS was corrected to less than Rs 1.6 lakh crore from over Rs 1.68 lakh crore when the trading kicked-off.
JFS stock is admitted to dealings in the ‘T’ group securities on BSE, meaning that intra-day trading in the stock is not allowed.
Additionally, JFS shares hit its lower circuit limits for the second straight session on Tuesday. Its shares were locked at 5 per cent lower circuit limit of Rs 239.20 on BSE. In the previous session too, the shares were down 5 per cent from the discovered price of Rs 261.85.
Foreign brokerage CLSA noted that other than a stake in Reliance Industries, liquids worth $2.5 billion have been demerged into JFS that could support a loan book of $13-15 billion.
Also read: Jio Financial shares: JFS hits 5% lower circuit again. What's dragging the stock lower?
Also read: Jio Financial Services shares hit lower circuit on its maiden trading session
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