Jio Financial Services set for listing; allots stocks to RIL’s shareholders

Jio Financial Services Ltd (JFSL) is all set for listing of its shares on the stock exchanges. The company said the equity shares allotted to the eligible shareholders of Reliance Industries Ltd (RIL) have been credited to their demat account on August 10. The financial services company said it has applied to the BSE and […]

Jio Financial Services, Jio Financial Services Ltd (JFSL), Reliance Industries Ltd, RIL’s shareholders, Business news, Indian express, Current Affairs

RIL is holding its 46th annual general meeting on August 28.

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Jio Financial Services Ltd (JFSL) is all set for listing of its shares on the stock exchanges. The company said the equity shares allotted to the eligible shareholders of Reliance Industries Ltd (RIL) have been credited to their demat account on August 10.

The financial services company said it has applied to the BSE and the NSE for listing of the equity shares. This comes three-week after JFSL demerged from RIL. JFSL said its board in a meeting held on August 10 allotted 635.32 crore equity shares of face value of Rs 10 each to the shareholders of RIL as on the record date of July 20.

“The equity shares allotted have been credited to the demat account of the shareholders on August 10, 2023 and the said equity shares shall remain frozen in the depository system till listing/ trading permission is granted by BSE, the designated stock exchange,” JFSL said in a regulatory filing to exchanges.

The share ratio for the demerger process was 1:1, which means that all shareholders of RIL were eligible to receive one share of JFSL for every one share of RIL owned as on the record date. As on June 30, the total number of shareholders of RIL was 35.06 lakh.

JFSL said its board noted the cancellation and reduction of the entire pre-scheme paid up share capital of the company comprising 20.20 lakh shares of Rs 10 each and 31.48 lakh non-cumulative compulsorily convertible preference shares of Rs 1 each aggregating to Rs 2.33 crore, without any consideration, upon allotment of the equity shares.

On July 20, stock exchanges conducted a special pre-opening session (SPOS) on account of demerger of JFSL from RIL. JFSL shares were valued at Rs 261.85 per share in the session.

The shares of JFSL were included in all the NSE and BSE indices at a constant price of Rs 261.85 a share. It is the 51st constituent in Nifty50 and the 31st constituent in Sensex. Nuvama Institutional Equities has valued JFSL at Rs 1 lakh crore.

Last week, RIL’s Chairman and Managing Director Mukesh Ambani, in a message to shareholders in the annual report for fiscal ended March 31, 2023, said JFSL along with its subsidiaries will leverage the technological capabilities of Reliance and digitally deliver financial services, democratising access to financial services offerings for Indian citizens.

It is expected to unlock value for shareholders and give them an opportunity to be a part of a new growth platform, RIL said in the annual report.