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

LIC 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.