RIL says Jio Financial Services to get listed on August 21

Jio Financial Services, the demerged entity of Mukesh Ambani-led Reliance Industries Ltd (RIL), will be listed on August 21. The notification comes a day after FTSE said JFS will be removed from FTSE indices on August 22 because of no intimation of the listing date.

In a stock exchange filing, the company said that the scrip will be in the Trade-for-Trade segment for 10 trading days. 

"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. Further in terms of SEBI circular No. CIR/MRD/DP/02/2012 dated January 20, 2012; the scrip will be in Trade-for-Trade segment for 10 trading days," the company said in the filing.  

The Trade to Trade (T2T) is a stock segment where scrips are traded only on a delivery basis, which means that the delivery of the stock cannot be taken on the same day. 

Jio Financial Services is currently listed under a dummy ticker after its price discovery was fixed at Rs 261.85. But it is to be noted that no trading happening for it. The dummy price was decided at a special price discovery session held on the record date.

Based on the dummy price, the NBFC's market capitalisation totals to Rs 1.66 lakh crore, making it the second-largest NBFC in India.

Last week, Jio Financial Services allotted equity shares of Jio Financial Services to shareholders of Reliance Industries. 

RIL shareholders were supposed to get one equity share of Jio Financial Services each for every one share of Reliance as of the record date on July 20. In contrast, the board allotted 635.32 crore shares of face value of Rs 10 each to the eligible shareholders of the firm last week.

Jio Financial Services has also applied to the BSE and the NSE for listing of these equity shares. The allotted equity shares will remain frozen in the depository system till listing premission is granted by BSE Ltd.

JFS's latest shareholding pattern shows that the promoters own 45.80 per cent stake of the company, mutual funds 6.27 per cent, and foreign institutions 26.44 per cent.

The newest NBFC, with its operating subsidiaries and joint ventures, will be offering a broad range of financial services solutions ranging from insurance, payments, digital broking to mutual funds.

Last month, the company announced its partnership with Blackrock to float a mutual fund company. The tie-up is all set to launch a new player targeting an initial investment of $300 million.

Following the announcement, shares of Reliance Industries were trading at Rs  2,570.40, up by 1.29 per cent.

Earlier this month, RIL said that its 46th Annual General Meeting will be held on August 28, 2023, where it will be sharing details on the listing of JFS along with a roadmap of its operations.

Also read: Jio Financial to be removed from FTSE indices on August 22; here's why

Also read: Jio Financial Services: Listing-bound RIL's demerged biz forms JV with BlackRock, shares details

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