Jio Financial Services Shares Credited to RIL Shareholders Ahead of Listing

11 Aug 2023 , 02:59 PM

Jio Financial Services (JFSL) shares credited to eligible Reliance Industries Limited (RIL) shareholders ahead of listing. Each RIL shareholder received one share of JFSL for each RIL share owned as of the record date (July 20).

Trading of JFSL shares allowed post-listing, which is imminent. JFSL already included in indices such as Nifty50 and BSE Sensex, will be removed from indices T+3 days after listing.

Pre-listing price set at Rs 261.85 per share, exceeding broker estimates and RIL’s acquisition cost. JFSL’s market capitalization now around Rs 166 lakh crore ($20.3 billion), making it India’s second-largest NBFC.

RIL Chairman Mukesh Ambani sees an independent financial services entity as key to accessing Indian market opportunities. JFSL’s demerger from RIL creates a formidable non-banking financial entity with potential challenges to existing NBFCs.

The Fund Manager Gautam Baid highlights the significant scale potential of JFSL given its net worth and market conditions.

 

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