Jio Financial Services Limited (JFSL) shares will be listed on bourses on 21 August 2023. The company recently demerged from parent Reliance Industries (RIL).
Last week, eligible shareholders of Reliance Industries, as of the record date for 20 july had received JSFL shares in their demat accounts in a 1:1 ratio.
Following the update, Indian equity benchmark indices, the Sensex and Nifty50, witnessed a sharp surge. At 2:25 PM, Reliance shares were trading 1.34 per cent higher at Rs 2,571.95.
During a special price discovery session held on 20 July, the stock’s pre-listing price came out to be Rs 261.86 per share, significantly higher than the brokerage estimate of around Rs 190 and Reliance’s cost of acquisition of Rs 133. The stock is currently listed under a dummy ticker, and there is no trading happening at the scrip.
"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," Bombay Stock Exchange (BSE) said in a notice.
Jio Financial has been added to the BSE Sensex, Nifty50, and other indices and will remain at a constant price until the time the stock is listed independently. The stock will be removed from all indices T+3 days after its listing. It will be in the trade-for-trade segment for 10 trading days, the BSE said.