Reliance Industries had kept July 20 as the record date for allotment of its demerging Financial Services business to be named as Jio Financial Services Limited (JFSL).
Accordingly, the shareholders of Reliance Industries Limited as on July 20 are set to receive the shares of the newly created JFSL in 1:1 proportion.
Thanks to the demerger, the market price of Reliance Industries shares went ex-JFSL on Thursday.
As a result, the stock exchanges held a special price discovery session for Reliance Industries shares from 9 a.m. to 10 a.m.
Accordingly, the ex-JFSL value of RIL shares was discovered at Rs 2,580 on NSE and Rs 2589 on BSE.
RIL’s cum-JFSL (pre-demerger) closing share price on NSE was Rs 2,841.85, while the Last Traded Price on BSE was Rs 2,840 on July 19.
Comparing the newly discovered ex-JFSL price of RIL shares, and the pre-demerger cum-JFSL share price on the previous day, the market has valued each JFSL share at Rs 261.85 on the NSE.
At this share price, the entire share capital of JFSL will be valued at Rs 1,72,000 crore or over $21 billion.
This valuation will put JFSL at India’s 32nd most valuable company by market capitalization ahead of the likes of Adani Ports, Adani Green, Tata Steel, Coal India, HDFC Life, IOC, Bajaj Auto.
JFSL shares will become available for trading in stock exchanges in near future.
–IANS
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