Reliance Industries Credits Jio Financial Stocks To Shareholders
After approval of the demerger, every shareholder of RIL had been promised shares of Jio Financial Services in the ratio of 1:1.
Shares of Jio Financial Services Ltd. have been credited to the demat accounts of eligible Reliance Industries Ltd. shareholders on Aug. 10, according to credit statement reviewed by BQPrime from investors who had their Demat linked to Central Depository Services Ltd.
The National Company Law Tribunal had approved the planned demerger of Jio Financial Services from parent RIL, according to a July 8 exchange filing.
Following this, every shareholder of Reliance Industries had been promised shares of Jio Financial Services in the ratio of 1:1, which means one share in the financial arm for every one share held in the parent.
At the special pre-open session conducted on July 20, JFSL shares were priced at Rs 261.85 apiece based on the difference between Reliance's stock price at the previous close of Rs 2,841.85 against Rs 2,580, its price at the end of an hour-long special pre-market session.
This price was much higher than the apportionment cost of Rs 133 per share that Reliance Industries set for JSFL, pegging the valuation of the non-banking financial company at Rs 1.72 lakh crore.
While the listing date of JSFL is still awaited from the exchanges, RIL is expected to announce the listing date ahead of its August 28 annual general meeting.
