Jio Financial Services, which demerged from Reliance Industries last month, is set to be listed on August 21, according to an exchange notification posted on August 18.
The listing has been scheduled a day before FTSE Russell plans to drop Jio Financial Services from its indices. The index services provider said it took the decision as the stock was yet to start trading on bourses.
Jio Financial Services is currently listed under a dummy ticker after its price discovery at Rs 261.85 but there is no trading happening in the scrip.
“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,” BSE said in a notice.
The scrip will be in trade-for-trade segment for 10 trading days, it added.
The shares of Jio Financial Services were credited to demat account of shareholders last week. As part of the demerger, Reliance shareholders would got one share of Jio Financial Services for holding one share of Reliance Industries.
Following the update, shares of Reliance Industries rose over 1 percent to Rs 2566.85 on BSE.
Jio Financial Services through its operating subsidiaries and joint ventures will offer broad range of financial services solutions addressing the needs of both consumers and merchants.
The company will primarily operates in the NBFC market and credit market segment and has strategic plans to expand its operations into insurance, digital payment, and asset management verticals.
Last month, the company announced its tie up with Blackrock, world’s largest asset manager, to float a mutual fund company. Together, the partnership will introduce a new player to the India market targeting initial investment of $300 million.
Reliance Industries’ Chairman and Managing Director Mukesh Ambani in his message to shareholders in the company’s 2022-2023 annual report, said, Jio Financial Services is positioned uniquely to capture the growth opportunities in the financial services sector and play a crucial role in transforming the landscape of digital finance in India.
“Jio Financial Services Limited along with its subsidiaries will leverage the technological capabilities of Reliance and digitally deliver financial services, democratising access to financial services offerings for Indian citizens,” Ambani said in his message to shareholders. Jio Financial Services aims to provide simple, affordable and innovative digital-first solutions,” Ambani added.
Reliance announced in October 2022 that it would demerge and list its financial services business – Reliance Strategic Investments – which will be renamed Jio Financial Services (JFS).
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