 "Jio Financial Services")
Jio Financial hits lower limit for a third day
Shares of Jio Financial Services (JFS) hit their 5 per cent lower limit for a third day in a row on Wednesday. Stock of the unit spun off from Reliance Industries (RIL), the country’s most valuable firm, finished at Rs 224.65 on the NSE, valuing the company at Rs 1.43 trillion. About 4.7 million shares changed hands on Wednesday. Passive funds tracking the Nifty50 and the Sensex have to offload 150 million shares of JFS to realign their portfolios. This is exerting downward selling pressure on the stock. Market players expect the selling pressure to continue until the selling by passive funds is fully absorbed. During a special price discovery session on July 20, JFS was valued at Rs 1.66 trillion. BS REPORTER
Aeroflex Industries subscribed 21x on Day 2
The initial public offering (IPO) of Aeroflex Industries was subscribed 21.09 times on Wednesday. The institutional portion was subscribed 8.05 times, the wealthy investor portion 46 times and the retail investor portion 17.7 times. Mumbai-based Aeroflex Industries on Monday allotted shares worth Rs 103.68 crore to anchor investors. The company allocated nearly 9.6 million shares at Rs 108 apiece to 10 anchor investors.Some of the institutions that were allotted shares under the anchor category were Societe Generale, Nippon Mutual Fund, Invesco Mutual Fund, Winro Commercial and Universal Sampo General Insurance Aeroflex has priced its issue between Rs 102 and Rs 108. At the top-end, Aeroflex is valued at nearly Rs 1,400 crore. The IPO comprises a fresh fund raise of Rs 162 crore and an offer for sale of Rs 189 crore. BS REPORTER
