Jio Financial Services set for stock exchange listing on August 21

Jio Financial Services, the recently demerged entity from Reliance Industries Ltd led by Mukesh Ambani, has received confirmation that it will retain its position within the FTSE All-World index and various other global indices, as stated by FTSE Russell in an official communication on Friday.

The announcement follows a notice from the Bombay Stock Exchange (BSE), which informed that starting from Monday, August 21, 2023, the shares of Jio Financial Services Ltd (formerly known as Reliance Strategic Investments Limited) will be listed and tradable on the exchange under the T Group of Securities.

According to FTSE, Jio Financial will maintain an unchanged share issuance figure of 6,765,591,509 and a stable investability weighting of 49.66% within the FTSE All-World index.

FTSE Russell's recent release, issued on August 17, initially indicated the removal of Jio Financial Services from several FTSE Indices due to a failure to commence trading within 20 business days. The company had also not provided a definite trading date since its inclusion on July 20. However, following the updated information about Jio Financial Services's listing date on August 21, FTSE Russell subsequently confirmed on August 18 that the entity would not be delisted from the indexes. The share issuance total and investability weighting would remain unaltered.

Previously, on July 20, Jio Financial Services shares were distributed to eligible Reliance Industries shareholders at a ratio of 1:1. The value of each Jio Financial Services share was determined at ₹261.85 after a special pre-open call auction session on the National Stock Exchange (NSE).

Currently, Jio Financial Services is listed under a placeholder ticker, and no trading activities have been observed in its shares. The stock will be subject to trade-for-trade regulations for ten trading days, as specified in the BSE notice.

The development comes after FTSE Russell's initial notice of Jio Financial Services's impending removal from FTSE RAFI All World 3000 Index, FTSE RAFI All World 3000 Index - QSR, FTSE RAFI Emerging Index, and FTSE RAFI Emerging Index - QSR indices, which was scheduled to take effect from August 22.

In light of this affirmation, Jio Financial Services's position in the global indices remains intact, underlining the company's ongoing presence in international investment portfolios and reflecting its evolving significance in the financial landscape.