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LIC Acquires 6.66% Shareholding in Jio Financial Service

Published on August 24, 2023
Current Context: According to a regulatory filing by LIC, the insurance giant has acquired 6.66% shareholding in JFSL through the demerger process by RIL. This means that LIC received 6.66% of the total shares of JFSL as a result of the separation of the financial arm from the parent company.
LIC Acquires 6.66% Shareholding in Jio Financial Service
  • LIC, or Life Insurance Corporation of India, is a state-owned insurance and investment company that provides life insurance policies and pension plans to millions of Indians.
  • Jio Financial Services Limited (JFSL) is a newly listed company that was demerged from Reliance Industries Limited (RIL), one of the largest conglomerates in IndiaThe cost of acquisition of JFSL shares by LIC is 4.68% of the pre-demerged cost of RIL shares.
  • JFSL made its stock market debut on August 21, 2023, with a market capitalization of nearly Rs 1.60 lakh crore. However, its share price has been falling since then, hitting the lower circuit limit for two consecutive sessions 24. As of August 22, 2023,
  • The demerger of JFSL from RIL is seen as a strategic move to unlock value for the shareholders and to focus on the core businesses of RIL such as oil and gas, petrochemicals, telecom, and retail.

Question:

Q.1 What is the name of the company that was demerged from Reliance Industries Limited (RIL)?
a. Jio Platforms Limited
b. Jio Financial Services Limited
c. Jio Payments Bank Limited
d. Jio Infocomm Limited
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