Jio Financial Services, the financial subsidiary of India's Reliance Industries, will go public on August 21, according to a circular from the Bombay Stock Exchange (BSE).
The circular states that the company will list its certificates in the Exchange to Trade segment for a period of 10 trading days.
According to the filing, “Effective Monday, August 21, 2023, the shares of Jio Financial Services Ltd (formerly known as Reliance Strategy Investments Limited) will be officially listed and allowed to trade on the Exchange. translation in T Securities Corporation. It will be noted that, according to SEBI circular n° CIR/MRD/DP/02/2012 dated 20 January 2012, the script will remain in the Exchange to Trade segment for 10 trading days in total.
The announcement comes just a day after the FTSE announced that Jio Financial Services would be removed from its indexes on August 22.
The Trade to Trade (T2T) segment works in such a way that scripts are traded exclusively on a delivery basis, meaning that a stock delivery cannot be done on the same trading day. Currently, Jio Financial Services is registered under a fictitious logo and its discovery price has been set at Rs 261.85. However, it is important to note that there is no trading activity currently taking place for this security.
In recent developments, Jio Financial Services has issued equity shares to shareholders of Reliance Industries.
As of the record-setting date of July 20, RIL shareholders will receive one Jio Financial Services share for each Reliance share they hold. However, the board ultimately allocated 635.32 crore shares, each with a par value of Rs 10, to qualified shareholders last week. In addition, Jio Financial Services has submitted applications to both the BSE and the NSE to have these newly allocated shares listed. Such allocated shares will remain frozen in the custody system until BSE Ltd grants permission to list.
