New Delhi: On July 20, Jio Financial Services, a division of Reliance Industries Ltd., will temporarily join the blue-chip indices NSE Nifty 50 and BSE Sensex. Following the financial services arm spin-off, NSE will hold a special pre-open auction session for the Mukesh Ambani-led RIL stock to determine the stock price without the demerged company. Before it is listed for trading on the bourses, Jio Financial Services will join 18 other NSE indexes, including Nifty 100, Nifty 200, Nifty 500, Nifty Energy, and Nifty Oil and Gas.
Reliance Industries pre-call auction
After the demerger, a pre-open call auction for Reliance Industries will be conducted for price discovery. This pre-open auction will be conducted from 9 to 10 am on July 20, following which “all the unmatched orders of the pre-open call auction session within the dynamic price band of the discovered price shall be moved to the normal trading session at their limit price.”
Following the demerger, a pre-open call auction for Reliance Industries will be held to determine prices. On July 20, from nine to ten in the morning, there will be a pre-open auction. ” all the unmatched orders of the pre-open call auction session within the dynamic price band of the discovered price shall be moved to the regular trading session at their limited price.”
About RIL demerger
Reliance Strategic Investments, a division of Reliance Industries that provides financial services, will be demerged. The record date for determining equity stockholders eligible to receive shares of RSIL has been set by RIL as July 20. For every share of Reliance Industries as of the record date, Reliance Strategic Investments would provide one fully paid-up equity share of RSIL with a face value of Rs 10 to RSIL. Then JFSL will replace Reliance Strategic Investments as the company’s name. Nuvama evaluated claims of JFS at Rs 168 each, but after accounting for a 30% Holdco discount, the share was given a value of Rs117 each.
