Motilal Oswal MF acquires 0.6% stake of Jio Financial Services for ₹754 crore
Motilal Oswal Mutual Fund (MF) acquired 3.72 crore of Jio Financial Services Ltd (JFSL)shares, which is the demerged non-banking financial services (NBFC) unit of the Mukesh Ambani’s Reliance group, for ₹754 crore via open market transaction.
According to the NSE’s bulk deal data, Motilal Oswal Mutual Fund purchased 3,72,00,000 shares, or 0.6% of Jio Financial Services.
The shares were bought for an average price of ₹202.80 each, making the total transaction amount of ₹754.41 crore.
On Friday, shares of Jio Financial Services Ltd closed 3.82% higher at ₹221.60 apiece on NSE.
The demerged financial division of Reliance Industries, Jio Financial Services, made its stock market debut on Monday. In comparison to the discovered price of 261.85 per share, the stock was listed at 265 on the BSE and 262 on the NSE.
Also Read: Jio Financials lists at ₹262 per share on NSE and ₹265 per share on BSE
The stock, however, quickly witnessed a 5% decline and dropped to its lower price band of Rs 251.75 on BSE. It reached its lower price band of Rs 248.90 on the NSE as well.
Jio Financial Services shares exclusion from Sensex and other BSE indices has been extended by another three days to August 31. The move comes after JFSL shares hit 5% lower circuit limits for two more consecutive days.
Jio Financial Services stock will now be removed from the all the S&P BSE indices, including Sensex, Sensex 50, BSE 100, BSE 500 among others, before opening of trading on September 1.
“Since the stock has hit lower circuit limit for 2 consecutive days i.e., Thursday, August 24, 2023, and Friday, August 25, 2023, the removal of JFSL from all the S&P BSE Indices will be postponed by another 3 days. JFSL will now be removed from all the S&P BSE Indices effective prior to the open of trading on Friday, September 01, 2023,” BSE Indices said in a circular.
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Updated: 25 Aug 2023, 08:55 PM IST
