Reliance Industries shares started trading on Thursday in a special trading session to determine the share value of Jio Financial Services Limited (JFSL), its demerged financial services unit.
Reliance’s stock had settled at Rs 2,841.85 rupees on Wednesday.
The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) held a “pre-open call auction” session for Reliance between 9:00 am to 10:00 am. The ratio for demerger is set at 1:1.
Reliance Industries share price ex-JFSL was determined at Rs 2,580 per share, while Jio Financial Services is valued at Rs 261.85 per share after the special pre-opening session.
The Jio Financial Services stock has listed on the National Stock Exchange (NSE) at Rs 273 per share.
This calculation came after Reliance shares settled at Rs 2,580 per share on the NSE in a special pre-opening on Thursday, as the stock had closed at Rs 2,853 per share on the NSE.
On BSE, Reliance shares settled at Rs 2,589 per share in a special pre-opening session.
From today onwards, the NSE Nifty 50 will have 51 stocks and the BSE Sensex will have 31 stocks in its list, as Jio Financial will be the latest addition to the key benchmark indices.
The demerged company will also be listed in the Nifty 100, Nifty 200, Nifty 500 indices and other sectoral indices. It will remain part of indices at a constant price until such time it officially gets listed on the exchanges.
The RIL board has declared that its post-demerger cost for Reliance would be 95.32 per cent while the remaining 4.68 per cent would be Reliance Strategic Investments Limited, which is being renamed Jio Financial Services.
The listing date is expected to be announced at Reliance’s upcoming AGM in the next 2–3 months.
Jio Financial Services’ total outstanding shares stand at 676.6 crore, and the total market capitalization of the company is around Rs 1.77 lakh crore on the NSE.
All Reliance shareholders at the end of the trading session on 19 July will be eligible to get JFSL shares in the ratio of 1:1. For instance, if you hold 100 shares of Reliance, you will be awarded 100 JFSL shares.
