Jio Financial Services to Join FTSE Indices from July 20, Marking Reliance Industries' Expansion

14 Jul 2023 , 12:17 PM

Jio Financial Services, a subsidiary of Reliance Industries Ltd, is set to enter several FTSE indices starting from July 20, as confirmed by FTSE Russel.

The inclusion of Jio Financial Services will be observed in the FTSE All-World Comprehensive Factor Index, FTSE Emerging Comprehensive Factor Index, and FTSE All-World ex CW Balanced Factor Index.

The release from FTSE indicates that the listing date for Jio Financial Services has yet to be announced. Until trading commences, the company will be included in the index at a static estimated price.

If the trading day remains unknown after 20 business days, FTSE Russell will review the company in compliance with the FTSE Russell Spin-offs policy. The demerger of Reliance Industries Ltd’s financial services undertaking and subsequent listing has received approval from the National Company Law Tribunal.

July 20 has been designated as the official date for determining the shareholders eligible to receive shares from the demerged entity. Under the scheme of the arrangement, Reliance Strategic Investments will allocate one fully paid-up equity share of Rs 10 face value for every share of RIL held as of the record date.

Reliance Strategic Investments will be renamed Jio Financial Services (JFSL) as part of the process.

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