Jio Financial Services To Trade As Part Of Nifty 50 Starting July 20

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Jio Financial Services to trade as part of Nifty 50, starting July 20

ri-calendar-2-lineJul 18, 2023

By: BlinkX Research Team

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Jio Financial Services will start trading on July 20 as a part of the NSE Nifty 50. Reliance Strategic Investments, the financial services division of Reliance Industries (RIL), has been demerged and is now known as Jio Financial Services and traded on the stock exchange.

The National Stock Exchange announced on July 17 that the demerged business will also be a part of the Nifty 100, Nifty 200, and Nifty 500 indexes, and other sectoral indices. 

“NSE has announced a special pre-open session to be conducted for Reliance Industries Limited in the Capital Market segment on July 20, 2023, on account of demerger of its financial services business into Reliance Strategic Investments Limited (‘spun-off entity’ to be renamed as Jio Financial Services Limited),” the bourse added in the circular. 

Reliance had already said that it has officially established July 20 as the date for determining which stockholders are eligible to acquire shares from the demerged firm. For each share of Reliance as of the record date, Reliance Strategic Investments shall allot one fully paid-up equity share with a face value of 10 rupees each under the terms of the arrangement. After this demerger, Reliance Industries will see its value increase while moving all of its financial operations to Jio Financial Services Ltd, which holds a 6.1% interest in RIL. Jio Financial Services would be valued at about 10,000 crore following the demerger. According to RIL, after Jio Financial Services’ record date for the demerger, Reliance stockholders will receive shares of Jio Financial Services in a 1:1 ratio.

Source: Media reports

For insights into market trends, monitor the Jio Financial Services share price.

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