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 Rs 261.85, valuing it at around Rs 1.66 lakh crore or $20 billion in a special trading session held on July 20.
“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,” said the Bombay Stock Exchange in a circular on Friday.
BSE added that the scrip would be in the Trade-for-Trade segment for 10 trading days and will start trading from this Monday, bearing the symbol JIOFIN.
With a market capitalisation of over Rs 1.66 lakh crore, JFS is now the second-largest NBFC and the 32nd most valued company in India, bigger than giants like Tata Steel, Coal India, HDFC Life and SBI Life. Last month (on July 20), stock exchanges BSE and NSE conducted a one-hour special price discovery session for the first time ever to determine the value of Jio Financial Services’ shares.
Its shares are part of several indices but can’t be traded until its shares are listed. JFSL has been included in Nifty50, BSE Sensex and other indices, and will remain at a constant price till the time the stock is listed independently. The stock will be removed from all indices T+3 day which is August 24.
Meanwhile, UK’s FTSE Russell reversed its earlier decision to drop JFS from its indices from August 22. It said on Friday that scrip will be added to MSCI Global Standard Index on August 23. On Thursday, FTSE Russell said that JFS would be removed from several FTSE Indices for failing to commence trading after 20 business days. Last month, JFS and US-based BlackRock said they would form an equal joint venture to launch asset management services in India, with an initial investment of $150 million each.