Jio Financial Services, the financial subsidiary of India’s Reliance Industries, scheduled for a stock exchange debut on August 21, according to a circular on the Bombay Stock Exchange (BSE).
The circular stated that the company would have its scrip enlisted in the Trade-for-Trade segment for a span of 10 trading days.
The notification comes just a day after the FTSE announced that Jio would removed from its indices on August 22.
The Trade to Trade (T2T) segment operates in a manner where scrips exclusively traded on a delivery basis, implying that the stock’s delivery cannot executed on the same trading day.
Presently, Jio Financial Service registered under a dummy ticker symbol, and its price discovery set at Rs 261.85. However, it’s important to highlight that no trading activity is currently taking place for this stock.
In recent developments, Jio Financial Services undertook the issuance of equity shares to shareholders of Reliance Industries.
As of the record date on July 20, RIL shareholders scheduled to receive one equity share of Jio Financial Services for each share of Reliance they held. However, the board ultimately allocated 635.32 crore shares, each with a face value of Rs 10, to the eligible shareholders last week.