LIC Acquires 6.66% Stake in Jio Financial, 5% in JFSL Stock On The Second Day

August 22, 2023

Jio Financial: Life Insurance Corporation of India (LIC) has acquired a 6.66% stake in Reliance Industries’ Jio Financial Services Limited (JFSL). The government insurance company gave information about this on Tuesday. In the exchange filing, LIC stated that it has acquired a stake in the company under the de-merger.

Jio Financial Services was listed in the stock market

Jio Financial Services was listed in the stock market on Monday, after which continuous decline is being seen. Today, the company’s stock is trading at Rs 239.20 on the Bombay Stock Exchange (BSE), down 4.99%. At the same time, it is trading at 236.45 on the National Stock Exchange (NSE) with a lower circuit of 5%.

Shares were listed at ₹ 265 on BSE and ₹ 262 on NSE

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On Monday (August 21), the shares of Jio Financial Services Limited were listed at Rs.265 on BSE and Rs.262 on NSE. After this, the stock closed at Rs 251.75 on BSE with a lower circuit of 5%. At the same time, the stock on the NSE also closed at Rs 248.90 with a lower circuit of 5%.

Reliance shareholders got JFSL shares in the ratio of 1:1

At the end of the trading day on July 19, all those shareholders who had shares of Reliance Industries got JFSL i.e. Jio Financial Services shares in the ratio of 1:1.

For example, if you held 100 shares of RIL, you were given 100 shares of JFSL

Plan to start consumer and merchant lending business

Reliance Jio is planning to launch financial services, which will target consumers and merchant landing businesses. In its report last year, global financial services major Macquarie pointed out that Reliance’s access to financial services could pose a significant threat to Paytm and other fintech companies in terms of market growth.

Mukesh Ambani had announced last year

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Last year, Mukesh Ambani had announced to make Jio Financial a separate unit. While announcing this, he said that Jio Financial will be a technology-based business, which will offer financial products digitally across the country.