Jio Financial Services Ltd Listing On 21 August, 2023 : GMP, And Complete Details
Jio Financial Services Ltd Listing: On Monday, August 21, Jio Financial Services (JFSL), a former Reliance Industries Ltd. (RIL) subsidiary, will begin trading on Indian stock exchanges. Jio Financial Services’ share price on the NSE was established at Rs 261.85 per unit following the July 20 special pre-open call auction session.
Market watchers estimate that the GMP or grey market premium for Jio Financial Services is currently between 50 and 54, equivalent to a market worth of more than 2 lakh crore. The stock is expected to start trading at between 315 and 325.
Jio Financial Services Latest Update was scheduled to list on the stock exchange just one day before FTSE Russell planned to delist the stock from its indices.
As of Monday, August 21, 2023, the ordinary shares of Jio Financial Services Ltd. A notice on the BSE stated that (Formerly Reliance Strategic Investments Limited) would be admitted to trade on the Exchange and listed in the list of T Group of Securities. The Exchange’s Trading Members have been made aware of this.
Jio Financial Services gained notoriety this week when FTSE Russell, a well-known worldwide benchmarks supplier, disclosed that JFSL had been dropped for failing to begin trading after 20 working days.
People Also Like: Launch Of Forum Mall By Prestige Group In Kochi
The company failed to provide a set trading date since its inclusion on July 20, according to a notice given by the index services provider, and the removal became effective on August 22.
However, FTSE Russell reversed its decision to exclude Jio Financial from global indices when BSE and the NSE announced that shares in the company would begin trading on Monday.
According to FTSE, Jio Financial will continue to issue 6,765,591,509 shares, and its investability weighting in the FTSE All-World index would remain at 49.66%.
Please be advised that Jio Financial Services (India) will no longer be deleted from the indexes effective August 22, 2023, and will instead remain in the index with an unaltered share in issue total of 6,765,591,509 and an unchanged constituent status as a result of the FTSE Russell notice issued in relation to Jio Financial Services (India): Constituent Deletion on August 17, 2023.
People Also Love To Read: Force Motors Dividend 2023 : Checklist Before Investments
Since Jio Financial Services is now trading nonexistent shares, it is listed under a fake ticker.
As of the record date of July 20, Jio Financial Services shares were credited 1:1 to qualifying RIL shareholders.
After the July 20 special pre-open call auction session, Jio Financial Services’ share price was established at 261.85 per unit on the NSE.
The revealed price for JFSL shares was significantly higher than analysts’ estimates of between 125 and 225 dollars and RIL’s acquisition cost at 133 dollars.
People Also Love To Read This: Why SBI Deduct 330 Rupees From Your Bank Account And How To Stop It?