The shares of Jio Financial Services will be listed on the stock market on August 21. Reliance Industries Limited (RIL) gave information about this on Friday, 18 August. Reliance's financial services business was demerged from its parent company last month.
After the demerger, the share price of Jio Financial was fixed at Rs 261.85 under the price discovery mechanism. A special trading session was held for one hour on July 20 for RIL shares to decide the price. Orders could be placed in this session held from 9 am to 10 am. Could also modify and cancel it. Jio Financial's rate was fixed according to the rate at which the highest order came on Reliance's stock.
The Bombay Stock Exchange (BSE) issued a notice saying, 'Trading members of the Exchange are informed that with effect from Monday, August 21, 2023, the equity shares of Jio Financial Services Limited (formerly known as Reliance Strategic Investments Limited) There will be share list. The stock will remain in the trade-for-trade segment for 10 trading days.
According to media reports, the shares of Jio Financial Services have already been allotted to the shareholders of Reliance. At the end of the trading day of July 19, all the shareholders who had shares of Reliance Industries got JFSL i.e. Jio Financial Services shares in the ratio of 1:1.
For example, if you held 100 shares of RIL, you are given 100 shares of JFSL. However, due to non-listing, one cannot buy or sell the stock right now.
Geo Financial plans to start consumer and merchant lending business. Global financial services giant Macquarie in its report last year termed Reliance's financial services business as a major threat to Paytm and other fintech companies in terms of market growth.
Last year, Mukesh Ambani had announced to make Jio Financial a separate unit. While announcing this, he said that Jio Financial will be a technology-based business, which will offer financial products digitally across the country.
Reliance Industrial Investments & Holdings Limited
Reliance Payment Solutions Limited
Jio Payments Bank Limited
Reliance Retail Finance Limited
Geo Information Aggregator Services Limited
Investments in Reliance Retail Insurance Broking Limited