A day after FTSE Russell said it would drop Jio Financial Services (JFS) from its indices because it failed to get listed within 20 business days of announcement, Reliance Industries Limited has said the script will be ready for trade from Monday, August 21, a day before the deadline of August 22.
Jio Financial Services is the demerged business of RIL.
It’s discovered price was set at IR261.85 ($3.15), but there is no trading in the script as it is listed under a dummy ticker at the moment.
Jio Financial Services listing
JFS shares were credited to demat account of shareholders last week.
“Trading members of the exchange are hereby informed that effective from Monday, August 21, 2023, the equity shares of Jio Financial Services Ltd (Formerly known as Reliance Strategic Investments Limited) shall be listed and admitted to dealings on the Exchange in the list of T Group of Securities,” a Bombay Stock Exchange notice said.
On Thursday, FTSE Russell had said it would remove JFS from its indices – FTSE All-World Index, FTSE MPF All-World Index, FTSE Global Large Cap Index and FTSE Emerging Index – as it was yet to start trading on bourses.
In a statement, FTSE Russell said: “Further to the FTSE Russell notice issued on July 13 in relation to the demerger of Jio Financial Services (India, constituent) from Reliance Industries (India, constituent), since Jio Financial Services did not commence trading after 20 business days and no firm trading date has been announced” the script will be removed from the above-mentioned indices.
As part of the demerger, Reliance shareholders would get one share of Jio Financial Services for holding one share of Reliance Industries.
JFS has also entered into a joint venture with Blackrock, world’s largest asset manager, and will offer a broad range of financial services solutions to both consumers and merchants in India.
The company operates in the NBFC market and credit market segment and has plans to expand into insurance, digital payment, and asset management.
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