MUMBAI: The shares of Jio Financial Services (JFS), the financial services arm of Reliance Industries Limited (RIL), will be listed on bourses on Monday. RIL had last month spun off JFS, with the stock price set at R261.85, valuing it at around R1.66 lakh crore or $20 billion in a special trading session held on July 20.
With this, JFS is now the second-largest NBFC in the country and the 32nd most valued company in India, bigger than giants like Tata Steel, Coal India, HDFC Life and SBI Life. Last month, stock exchanges conducted a one-hour special price discovery session for the first time ever to determine the value of Jio Financial Services’ shares. JFSL has been included in the Nifty50, BSE Sensex and other indices, and will remain at a constant price till the time the stock is listed independently.