Reliance's Jio Financial Services To Get Listed On Stock Exchanges On August 21

Jio Financial Services Ltd (JFSL) demerger was announced in October. Following the demerger, on July 20, during a special one-hour price discovery session, JFSL shares were valued at Rs 261.85 each

As per the reports, the demerger was seen as a Mukesh Ambani-led conglomerate way of expanding in the financial services sector, especially as it already has a non-bank financial company license. 

Source : Getty

Jio Financial Services, the newly demerged financial arm of Reliance Industries, is set to be listed on August 21, the company informed on Friday via a statement in BSE. The listing data for Jio Financial Services Ltd (Formerly known as Reliance Strategic Investments Limited) is scheduled a day before FTSE Russell plans to drop Jio Financial Services from its indices. 

"Trading Members of the Exchange are hereby informed that effective from Monday, August 21, 2023, the equity shares of Jio Financial Services Ltd (Formerly known as Reliance Strategic Investments Limited) shall be listed and admitted to dealings on the Exchange in the list of T Group of Securities," the statement said. Adding that the scrip will be in the trade-for-trade segment for 10 trading days.

Jio Financial Services Ltd (JFSL) demerger was announced in October last year. Following the demerger, on July 20, during a special one-hour price discovery session, JFSL shares were valued at Rs 261.85 each. The company's market value was discovered around $20 billion. 

As per the reports, the demerger was seen as a Mukesh Ambani-led conglomerate way of expanding in the financial services sector, especially as it already has a non-bank financial company licence. Following its listing, Jio Financial Services is poised to secure the position of the third-largest non-banking financial entity. Only surpassed by Bajaj Finance and Bajaj Finserv. 

The board of Jio Financial Services has issued 635.32 crore shares with a face value of Rs 10 each to eligible Reliance Industries shareholders, as per a BSE release on Friday.  For every 1 share held as of July 20, shareholders will receive 1 equity share of Jio Financial Services.

Following the announcement, Reliance Industries' shares have rebounded from their intraday low, contributing to a modest market recovery. At the time of writing, shares of Reliance Industries are trading 0.6 per cent higher at Rs 2,552.75.

On Thursday, FTSE Russell announced the removal of Jio Financial Services. The removal from the FTSE All-World Index, FTSE MPF All-World Index, FTSE Global Large Cap Index, and FTSE Emerging Index is slated to take effect from August 22. FTSE Russell's decision was taken as Jio Financial Services has not yet initiated trading within the 20 business days since its inclusion. 

Jio Financial Services was initially incorporated into these indices on July 20. Earlier, on July 13, FTSE Russell communicated that due to the absence of a confirmed trading commencement date, the entity's status would be maintained in the index with a static estimated price.