Last month, Jio
Financial Services Ltd (JFSL) underwent demerger from Reliance and is currently
listed under a dummy ticker symbol, after its price discovery at Rs 261.85.
However, trading activity has not yet commenced for this
New Delhi: Jio Financial Services, the financial services segment of Reliance Industries, is scheduled for its stock market listing on Monday, the company had informed in a BSE filing.
Last month, Jio Financial Services Ltd (JFSL) underwent demerger
from Reliance and is currently listed under a dummy ticker symbol, after its
price discovery at Rs 261.85. However, trading activity has not yet commenced
for this stock.
The listing on both the
BSE and NSE has been strategically planned a day prior to FTSE Russell's
intention to remove JFSL from its indices. The decision to remove it was made
due to the fact that the stock had not yet commenced trading on the exchanges.
The BSE issued a notice stating, "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 permitted
for trading on the Exchange in the list of T Group of Securities."
For the initial ten trading days, the stock with the
abbreviation "JIOFIN" will be placed in the Trade-for-Trade segment.
In the demerger process, Reliance Industries transferred its
financial services operations to RSIL (Reliance Strategic Investments Ltd),
later renamed as JFSL (Jio Financial Services Ltd). Shareholders received one
JFSL share for every Reliance share they held.
Shareholders were credited with JFSL shares in their Demat
accounts last week.
During a special price discovery session on the record date, the
pre-listing price of the stock was determined at Rs 261.85 per share, resulting
in the company’s valuation at approximately Rs 1.66 lakh crore (around USD 20.3
billion).
At this valuation, JFSL stands as the second-largest Non-Banking
Financial Company (NBFC) in India and the 32nd most valuable corporation,
surpassing major entities like Tata Steel, Coal India, Indian Oil, and SBI
Life.
With a market capitalization
of Rs 4.15 lakh crore, Bajaj Finance holds the position of the largest NBFC,
while JFSL comes second, surpassing Bajaj Holdings, SBI Cards, Shriram Finance,
Muthoot Finance, and Paytm.
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Credit: ZEE NEWS
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