Big deal: LIC buys 6.66% stake in Mukesh Ambani's JFSL, impact on shares too

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New Delhi, 22-August-2023, Tuesday

The country's largest insurance company Life Insurance Corporation of India - LIC has made a big deal with Mukesh Ambani. LIC has bought 6.66 percent stake in Jio Financial Services - JFSL. LIC said that this stake was acquired through the de-merger process. LIC has said in the information provided to the stock market that the company has acquired 6.66 percent shareholding in Jio Financial Services, which was spun off from Reliance Industries.

Information provided in exchange filings

LIC has benefited from the separation (de-merger) of Jio Financial Services from Reliance Industries. LIC has acquired 6.66 per cent stake in JFSL at a price equal to the 4.68 per cent cost of Reliance Industries before this de-merger. LIC held 6.49 per cent stake in Reliance Industries as on 30-Jun-2023.

LIC shares affected after the deal

LIC shares were also affected by reports of a stake purchase in JFSL. LIC's market cap is Rs 4.20 lakh crore. Meanwhile, after the company announced the deal, LIC shares rose by more than one percent... At 2 pm, the company's shares were seen trading at Rs 663.50 with a gain of 1.74 percent. It may be mentioned that LIC stock opened at Rs 652.25 at 9 am on BSE and touched an intra-day high of Rs 666.80. Finally, LIC shares were at Rs 663.80 at the close of trading.

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