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Govt-owned LIC acquires 6.66% stake in Jio Financial Services through demerger action

IndianStartupNews

IndianStartupNews · 2y ago

Govt-owned LIC acquires 6.66% stake in Jio Financial Services through demerger action

Indian government-owned Life Insurance Corporation of India (LIC) has acquired a 6.66% stake in NBFC firm Jio Financial Services through a demerger action, reportedly taking its stake value to Rs 10,030 crore.

Related News

Reliance Industrial becomes RIL promoter, buys 3.56% in Petroleum Trust

Livemint

Livemint · 2y ago

Reliance Industrial becomes RIL promoter, buys 3.56% in Petroleum Trust

Reliance Industrial Investments and Holdings Limited (RIIHL) has become a promoter entity of Reliance Industries Limited after acquiring a 3.56% stake in Petroleum Trust through an off-market transaction. This redistribution doesn't alter the overall promoter group's shareholding percentage in RIL, which remains consistent. The move does not impact RIL's market capitalization or overall performance. Additionally, LIC acquired a 6.66% stake in Jio Financial Services Ltd., adding to its holdings in Reliance Industries.

Ambanis to infuse Rs 16,000 Cr in Jio Financial Services to take on rivals

YourStory

YourStory · 28d ago

Ambanis to infuse Rs 16,000 Cr in Jio Financial Services to take on rivals

The Ambani family and its promoter group are set to inject INR 15,825 crore into Jio Financial Services to bolster its financial position, raising their stake from 47.12% to 54.19%. This will be executed through a preferential issue of convertible warrants. Jio Financial reported a 4% rise in net profit in Q1 2025 and enhanced its stake in Jio Payments Bank by acquiring SBI's shares, making it a wholly-owned subsidiary.

Capital Group buys 1% stake in APL Apollo Tubes for Rs 446 crore

Money Control

Money Control · 1y ago

Capital Group buys 1% stake in APL Apollo Tubes for Rs 446 crore

Capital Group has acquired a 1% stake in APL Apollo Tubes for INR 446 crore through an open market transaction. The US-based financial services company purchased the shares through its affiliate, New World Fund Inc. Meanwhile, Principal Financial Group sold 15.31 lakh shares of APL Apollo Tubes for INR 245.04 crore. The stock price of APL Apollo Tubes dropped 6.66% to close at INR 1,486.50 on the National Stock Exchange.

IDBI Bank Disinvestment on Track as Data Room Issues Resolved: Govt Official

Business Today

Business Today · 5m ago

The resolution of data room issues indicates progress in the IDBI Bank disinvestment process, where the government and LIC aim to sell a 61% stake. This includes 30.48% held by the government and 30.24% by LIC. The disinvestment target for 2025-2026 is Rs 47,000 crore, with financial bids being the next step. Due diligence is nearly done, and the government remains confident about the stake sale's progression.

Jio Financial Services seeks RBI approval to convert from NBFC to CIC

Livemint

Livemint · 1y ago

Jio Financial Services seeks RBI approval to convert from NBFC to CIC

Jio Financial Services, a demerged entity of Reliance Industries, has requested approval from the Reserve Bank of India (RBI) to convert into a core investment company (CIC). The company aims to transform its financial operations and streamline its investment approach by becoming a CIC, which primarily invests in equity shares, preference shares, bonds, and loans of group companies. Jio Financial Services plans to focus on consumer finance, asset management, and insurance after the demerger from Reliance Industries. The company recently reported a doubling of net profit in Q2 2023.

Jio Financial Services Takes Complete Control Of Jio Payments Bank

Inc42 · 2m ago

Jio Financial Services Takes Complete Control Of Jio Payments Bank

Jio Financial Services (JFS) has fully acquired Jio Payments Bank Ltd (JPBL) for INR 104.5 crore, purchasing 7.91 crore shares from the State Bank of India (SBI). This transaction turns JPBL into a wholly owned subsidiary of JFS. The payments bank offers various financial services, such as CASA variants, debit cards, wallets, domestic money transfers, and Aadhaar-enabled payment systems. The acquisition marks a significant step in JFS's expansion strategy.

Jio BlackRock has made a solid start. The real test lies ahead

Livemint

Livemint · 1m ago

Jio BlackRock has made a solid start. The real test lies ahead

Jio BlackRock, a joint venture between Jio Financial Services and BlackRock, launched in the Indian mutual fund market, collecting ₹17,800 crore from its first three debt-oriented schemes. Institutional investors typically dominate this category. While the venture's start is promising, its future success depends on its ability to scale operations and potentially disrupt the Indian mutual fund industry. Mukesh Ambani's Jio Financial Services is keen on expanding its presence in financial services through this initiative.

Govt to take decision on Hindustan Zinc OFS after testing market: Mines Secretary

Money Control

Money Control · 1y ago

Govt to take decision on Hindustan Zinc OFS after testing market: Mines Secretary

The Indian government is considering selling its stake in Hindustan Zinc through an offer for sale (OFS) after testing the market, according to Mines Secretary V L Kantha Rao. The government currently owns a 29.54% stake in the Vedanta group firm. The decision comes after the mines ministry rejected Hindustan Zinc's demerger plan. The company had planned to spin off its businesses into separate entities to increase its market capitalisation. The government was given permission by the Supreme Court in 2021 to disinvest its remaining stake in Hindustan Zinc in the open market.

Zomato, Paytm Added To NSE’s F&O Stocks

Inc42 · 9m ago

Zomato, Paytm Added To NSE’s F&O Stocks

The NSE has announced the addition of new-age tech stocks, including Delhivery, Jio Financial Services, Paytm, Nykaa, PB Fintech and Zomato, to the F&O segment. This move comes as the number of new-age tech IPOs is increasing in the country. Additionally, 45 other stocks, including NHPC, Tata Elxsi, Union Bank of India, LIC, and Angel One, will also be added to the F&O segment from November 29.

RBI approves Jio Financial Services' conversion to core investment company

YourStory

YourStory · 1y ago

RBI approves Jio Financial Services' conversion to core investment company

The Reserve Bank of India (RBI) has given approval for Jio Financial Services Ltd to convert from a non-banking financial company (NBFC) to a core investment company (CIC). This conversion allows Jio Financial Services to primarily engage in acquiring shares and securities. Jio Financial Services recently launched the "JioFinance" app, which offers a range of financial services such as banking, transactions, bill settlements, and insurance advisory features. The company plans to expand its offerings to include lending, investment, and insurance services in the future. Additionally, Jio Financial Services announced a joint venture with BlackRock to provide wealth management and brokerage services in India.

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