LIC has acquired 6.660 per cent shareholding in Jio Financial Services Ltd, the demerged non-banking financial services arm of the Reliance Industries.
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Life Insurance Corporation of India (LIC) on Tuesday said that it has acquired 6.660 per cent shareholding in Jio Financial Services Ltd, the demerged non-banking financial services arm of the Reliance Industries. “This is to inform that the Corporation has acquired 6.660 per cent shareholding in Jio Financial Services Ltd through demerger action by Reliance Industries Ltd as per the notice by company dated 19th July 2023,” it said in a regulatory filing.
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Jio Financial Services listed on the stock exchanges on August 21, listing at Rs 265 – close to the discovered price of Rs 261.85. The market capitalisation of the financial services company stood at close to Rs 1.60 lakh crore.
The LIC said that the cost of acquisition of Jio Financial Services is 4.68 per cent of the pre-demerged cost of Reliance Industries.
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Earlier in July, Reliance Industries had transferred Rs 15,500 crore of cash and liquid investments to Jio Financial Services which was formed following the demerger of Reliance Industries’ financial services businesses. Following the transfer, JFSL has a liquid asset base of Rs 20,700 crore. The cash and liquid investments were transferred from RIL’s consolidated balance sheet as part of the demerger scheme to JFSL, RIL CFO Venkatachari Srikanth had said in a post-earnings media and analysts call.
