Jio Financial shares credited to Demat accounts of RIL shareholders. All eyes on listing date

economictimes.indiatimes.com:

Jio Financial Services (JFSL), the date of which has not yet been announced, shares of the demerged company were credited to demat accounts of eligible shareholders of Reliance Industries (RIL) on Thursday. As part of the demerger of RIL's financial services business, RIL shareholders as of the record date of July 20 have been rewarded with one share of JFSL for every share of RIL owned.

However, even if the shares have been credited to your Demat account, you can trade in them only after it gets listed on stock exchanges. JFSL has been included in the Nifty50, BSE Sensex and other indices, and will remain at a constant price till the time the stock is listed independently.

The stock will be removed from all indices T+3 days post its listing. As part of a special price discovery session held on the record date, the stock's pre-listing price came out to be Rs 261.85 per share, which was much higher than the brokerage estimate of around Rs 190 and RIL's cost of acquisition of Rs 133.

The NBFC's market capitalisation, therefore, comes to Rs 1.66 lakh crore or about $20.3 billion. At this valuation, it is now the second-largest NBFC in India.

«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,» RIL Chairman and MD Mukesh Ambani told shareholders in the company's annual report. Stating that the company is positioned uniquely to capture the growth opportunities in the financial services sector and play a crucial role in transforming the landscape of digital finance in India, he said JFSL will leverage the technological capabilities of RIL and digitally deliver financial