Reliance Strategic Investments has been renamed as Jio Financial Services Limited (JFSL). Reliance Industries Limited (RIL) has given this information through exchange filing.
The name of this financial services business of Mukesh Ambani has been changed after the successful demerger of Reliance Strategic Investments from RIL. The name change has come into effect from July 25. This change in the name of the company has been seen before the listing of the new stock.
RIL's financial services business 'Jio Financial Services' was demerged from its parent company on 20 July. After the demerger, the share price of Jio Financial was fixed at Rs 261.85 under the price discovery mechanism.
A special trading session for RIL shares was held for one hour today to decide the price of JFSL. 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.
Reliance Industries settled at Rs 2,580 per share on the NSE at 10 am, as against yesterday's close of Rs 2,841.85 per share. Accordingly, the rate of Jio Financial has been fixed. 2,580 is subtracted from Rs.2,841.85 to get Rs.261.85. After the demerger, Reliance shares were trading close to Rs 2620, rising more than 1.50%.
Jio Financial has been included in the major indices today, but the stock will not trade till the listing. The listing of this stock can happen in the next two to three months. After the demerger, it has become the new individual company of Reliance, whose MD and CEO will be Hitesh Kumar Sethi. Earlier the name of this company was 'Strategic Investment Limited'.