LIC acquires 6.66% stake in JFSL via demerger action

New Delhi Life Insurance Corporation (LIC) on Tuesday said it has acquired 6.66 per cent stake in Jio Financial Services (JFSL), 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 Rs1.60 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.

Jio Financial hits lower circuit limit Shares of Jio Financial Services, the demerged financial services unit of Reliance Industries, fell five per cent to hit the lower circuit limit for the second straight session on Tuesday. The stock declined 4.99 per cent to Rs 239.20, its lower circuit limit -- on the BSE. On the NSE, it fell by five per cent to hit its lower circuit limit of Rs 236.45. The company commanded a market valuation of Rs1,51,970.56 crore. Shares of Jio Financial Services listed on the bourses on Monday, with the stock falling nearly 5 per cent to hit the lower circuit limit. Jio Financial Services Ltd (JFSL) demerged from Reliance last month. In a special price discovery session held on the record date last month, the stock's pre-listing price came out to be Rs 261.85.