JFSL shares credited to demat account of Reliance shareholders, what's next?
Reliance Industries Limited (RIL), reported Economic Times on 10 August. The following development took place days ahead of the listing of JFSL, added the report. It said that the shareholders of RIL have been rewarded with one share of the JFSL for every share of RIL they owned, as of the record date of 20 July.
However, the shareholders can trade them only after JFSL gets listed on stock exchanges. ALSO READ: RIL-Jio Financial Services Demerger Highlights: Financial behemoth JFSL could pose tough challenge to NBFCs, say expert The Reliance-finance arm JFSL has already been included in the indices including Nifty50, BSE Sensex and other ones. Till the time the stock is listed independently, it will remain at a constant price and the stock will get removed from all indices T+3 days post its listing.
The JFSL's stock's pre-listing price came out to be ₹261.85 per share, as part of a special price discovery session held on the record date. Though this was way higher than the brokerage estimate of around ₹190 and also RIL's acquisition cost of ₹133. As per details, the new NBFC's market capitalisation now comes at around ₹166 lakh crore ($20.3 billion), making it the second-largest NBFC in the country.
"As various financial services are governed by different regulatory frameworks, we believe, an independent financial services entity will allow us to access the opportunities available in the Indian market," ET quoted RIL Chairman and MD Mukesh Ambani as saying to shareholders in the company's annual report. RIL's annual general meeting (AGM) is scheduled to take place on 28 August. Meanwhile, experts opine the demerger of JFSL from diversified conglomerate RIL will create a non-banking financial behemoth with a size of
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