Jio Financial Services, the demerged financial services arm of Reliance Industries will be listed on the Bombay Stock Exchange on August 21, revealed the BSE in a statement. After the release of the statement Reliance Industries gained close to 2 per cent from the day's lows.
The Reliance Industry shares at 2:24 pm IST were trading at Rs 2,570, up by 1.26 per cent.
On July 20 in a one-hour special price discovery session the value of Jio Financial shares were at ₹261.85 per share.
The board of Jio Financial Services had allotted 635.32 crore shares with a face value of ₹10 to the eligible shareholders of Reliance Industries. The shareholders received one share each for every one share they held.
The listing on BSE and NSE has been scheduled a day before FTSE Russell plans to drop JFSL from its indices. The index services provider said it took the decision as the stock was yet to start trading on bourses.
"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," BSE said in a notice.
The scrip, which will be abbreviated JIOFIN, will be in the Trade-for-Trade segment for 10 trading days, it said.
Reliance Industries demerged its financial services undertaking into RSIL (Reliance Strategic Investments Ltd), which was renamed as JFSL (Jio Financial Services Ltd). Shareholders got one JFSL share for each Reliance share they held.
The shares of JFSL were credited to the Demat account of shareholders last week.
Reliance Industries Demerger
Reliance had previously announced plans to demerge its financial services undertaking into Reliance Strategic Investments Limited (RSIL) and rename and list it as Jio Financial Services Limited (JFSL). The National Company Law Tribunal earlier this month approved the proposed demerger of Reliance Strategic Investments. Following this, the demerger was effective from July 1.
Hitesh Kumar Sethia is the managing director and chief executive officer of Reliance Strategic Investments for a period of three years. Billionaire Mukesh Ambnai's daughter Isha was appointed as the non-executive director of the financial services arm of Reliance Industries. Former bureaucrat Rajiv Mehrishi, who served as home secretary as well as CAG, was also appointed independent director on RSIL for five years and Sunil Mehta, chief executive of Indian Banks' Association, and Bimal Manu Tanna, a chartered accountant who worked with PwC, were appointed independent directors.