Jio Financial Services Promoters grab 2.2% stake in subsidiary.

TLDR:

• Two Jio Financial Services Ltd. promoters plan to acquire 2.2% stake in the subsidiary.
• The acquisition will take place between March 7 and March 31.

Two promoters of Jio Financial Services Ltd. are set to acquire a 2.2% stake in the company’s subsidiary. Sikka Ports and Terminals Ltd. and Jamnagar Utilities and Power Pvt. will be acquiring 14 crore shares of the subsidiary, Reliance Industries Holding Pvt. This acquisition is scheduled to take place between March 7 and March 31 as per an exchange filing made on Monday. The two promoters currently hold 0.61% and 0.72% stake in Jio Financial Services, respectively, as of December 2023. Following this news, the shares of Jio Financial Services closed 1.71% lower at Rs 322.60 apiece, contrasting with a 0.09% rise in the benchmark BSE Sensex.