Scheduled Listing of Jio Financial Services: The shares of Jio Financial Services, the financial subsidiary of Reliance Industries (RIL), are set to be listed on the stock exchanges on August 21, as indicated by a circular from the BSE on August 18. Jio Financial Services was recently separated from its parent company, Reliance Industries.
According to the circular issued by BSE, "Trading Members of the Exchange are hereby informed that starting from Monday, August 21, 2023, the equity shares of Jio Financial Services Ltd (previously known as Reliance Strategic Investments Limited) will be officially listed and allowed for trading on the Exchange within the T Group of Securities. Additionally, in accordance with SEBI circular No. CIR/MRD/DP/02/2012 dated January 20, 2012, the stock will be included in the trade-for-trade segment for a period of 10 trading days."
In the preceding month (July 20), the stock exchanges BSE and NSE conducted a unique one-hour "price discovery" session for the first time, aiming to determine the valuation of shares belonging to Jio Financial Services.
Demerger and Listing:Last October, Reliance Industries declared its intention to demerge and list its financial services enterprise, known as Reliance Strategic Investments, which would be rebranded as Jio Financial Services (JFS). For each share held in Reliance, shareholders would receive one share of Jio Financial Services.
The demerger record date, set on July 20, was the key date to ascertain the eligibility of shareholders. Esteemed banker KV Kamath will assume the role of non-executive chairman, while former ICICI Bank executive Hitesh Sethia will be appointed as the CEO.
Analysts speculate that JFS' extensive access to data, combined with Reliance's possession of a non-bank finance company license, will facilitate the commencement of lending operations. Macquarie Research has also indicated that the company is likely to achieve an AAA rating, enabling it to borrow at favorable rates.
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