Table of contents
According to a posting listed by an exchange on Friday, Jio Financial Services Limited (JFSL) will be officially listed independently on August 21 after it emerged from parent company Reliance Strategic Investments Ltd. (1).
Following the outbreak of this news, the shares of Reliance Industria Limited surged more than 2% in a day with a market of INR 2,577 witnessed by domestic equity indices, NSE Nifty50, and BSE Sensex.
The Bombay Stock Exchange (BSE) released a notice informing trading members that the equity shares of JFSL will get listed and admitted to dealings and acquiring on the Exchange's T Group of securities from Monday.
Bombay Stock Exchange
The Jio Financial Services Limited stock listing was declared a day before FTSE Russel planned on deleting the stock from its indices. Such implementation occurred with the reasoning of stock to start trading on bourses (2).
Jio Financial Services demerged from Reliance Industries last month and is all set to be listed independently on exchanges from August 21. It is currently listed with a dummy ticket at INR 261.85 with no trading happening FTM.
Trading members of all the exchanges wherein JFSL will get listed are informed the opening of the stock will commence from August 21 and the equity shares of Jio Financial Services Ltd shall be listed and be available to T Group of Securities.
Demat account shareholders were credited with the shares of JFSL and as a part of the demerger, Reliance will get one share of JFSL for holding one share of Reliance Industries whose initial share rose to 1% with a holding INR 2566 on BSE.
It is said that Jio Financial Services will start offering a diverse range of financial services and solutions addressing the modern problems of consumers and merchants with its operating subsidiaries.
The company is on a mission for expanding its operations into insurance, asset management, and digital payments as it currently operates in the NBFC market and credit market sector as per sources.
The company is also planning to float a mutual fund firm with a recent announcement of its partnership with Blackrock and is operating to introduce a new batsman to the Indian market with the aiming an investment of INR 300 million.
The Chairman and Managing Director of Reliance Industries Mukesh Ambani quoted a statement for the shareholders of the company,
"Jio Financial Services shall be positioned uniquely with the core goal of capturing market opportunities for growth in the financial service sector and work efficiently for transforming the landscape of digital finance in India."
He continued,
"Jio Financial Services Limited and all its subsidiaries shall leverage the technological capabilities of its former parent firm Reliance and digitally deliver financial services for democratizing access to financial services offerings for all Indians."
Ambani stated that Jio has simple plans of providing simple, affordable, and innovative digital-first solutions to the citizens of India and revolutionized digital-first payments and all possible financial services in the sector.
Demerger Saga
It was back in October when Reliance Industries announced the demerge news and listed its financial services subsidiary as an independent company, Reliance Strategic Investments, now known as Jio Financial Services Limited.
It was back then quoted by the company that Reliance shareholders would each get one share of Jio Financial Services for holding one share of Reliance. The company declared July 20 of last month as the official demerger date after all announcements.
It is also the cut-off date optimized for determining the eligibility of shareholders for the share. The announcements continued declaring KV Kamath as the non-executive chairman and Hitesh Sethia as the CEO.
Advocates and analysts in India are bullish and are likely confident the stock will get AAA-rated as it consists of high-quality magnets that attracts catchy pricing/
