The Life Insurance Corporation of India on Monday acquired 6.660 per cent shares in Jio Financial Services through the demerger action by Reliance Industries, the company announced through an exchange filing.
The cost of acquisition according to the regulatory filing was at 4.68 per cent of the pre-demerged cost of Reliance Industries limited. LIC as of June 30, held a 6.49 per cent stake in Reliance Industries.
Jio Financial services shares and listing
Jio Financial Services listed on the exchanges on Monday at Rs 262 per share against the discovered price of Rs 261.85 per share. However, on Tuesday it was locked at 5 per cent lower circuit for the second straight session.
Jio Financial Services will be trading under Trade-To-Trade segment for the initial 10 days. Under this segment the stocks will be bought under the delivery method and will not be eligible for trading on an intraday basis. Jio Financial Services will have a five per cent circuit for close to 10 trading sessions.
FTSE Russell last week said that it will continue to remain in the indices. Additionally it will be added to the MSCI Global Standard Index on August 23.
LIC sells 2% stake in TIL
LIC of India on August 18, diluted its share in TIL from 8,10,038 to 5,96,195 shares moving from 8.076 per cent to 5.944 per cent through open market sale.
LIC Share
The shares of LIC on Tuesday afternoon at 12:37 pm IST were trading at Rs 665.05, up by 1.98 per cent.
