The non-banking financial services division of the Reliance group, led by Mukesh Ambani, has been spun off into Jio Financial Services. This move was confirmed by LIC in an official filing, stating, "Life Insurance Corporation has procured a 6.660% shareholding in 'Jio Financial Services Ltd' as a result of the demerger executed by 'Reliance Industries Ltd'."
Jio Financial Services made its debut on the stock exchanges on August 21st, with the company's market capitalization reaching nearly Rs 1.60 lakh crore. LIC also noted that the acquisition cost for Jio Financial Services amounts to 4.68% of the initial valuation of Reliance Industries prior to the demerger.
The trading performance of Jio Financial Services has been notable. The company's shares were trading at Rs 239.20 each, marking a 4.99% decrease and triggering the lower circuit limit on the BSE for the second consecutive session. Upon its initial listing on August 21st, the stock began at Rs 265 on the BSE, reflecting a 1.20% increase compared to the special price discovery session held the previous month at Rs 261.85. However, the stock subsequently experienced a decline of 3.85% to reach Rs 251.75, reaching its lower circuit limit.
Jio Financial Services Listing on Exchanges Scheduled for Today