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Mukesh Ambani
Mukesh Ambani's Reliance Industries demerged unit Jio Financial Services is set to make its entry on stock exchanges on August 21, the company informed in an exchange filing.
"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. Further in terms of SEBI circular No. CIR/MRD/DP/02/2012 dated January 20, 2012; the scrip will be in Trade-for-Trade segment for 10 trading days," the company said in an exchange filing.
The Trade to Trade (T2T) is a stock segment where scrips are traded only on a delivery basis, which means that the delivery of the stock cannot be taken on the same day.
While there is no trading happening for Jio Financial Services, It is currently listed under a dummy ticker after its price discovery was fixed at Rs 261.85.
The dummy price was decided at a special price discovery session held on the record date. Based on the dummy price, JIOFIN's market capitalisation stands at Rs 1.66 lakh crore, making it the second-largest NBFC in India after Bajaj Finance in terms of valuation.
As part of the demerger, Reliance shareholders got one share of Jio Financial Services for holding one share of Reliance Industries. Last week, the shares of JIOFIN were credited to the Demat account of shareholders.
Talking about JFS's shareholding, Promoters own a 45.80% stake of the company, while mutual funds and FIIs own 6.27% and 26.44%, respectively.
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