- By Vaamanaa Sethi
- Thu, 20 Jul 2023 10:41 AM (IST)
- Source:JND
After the special pre-open call auction today, the market price of Jio Financial Services (JFSL) came out to be at Rs 261.85 per share on the National Stock Exchange (NSE).
The calculation came after the shares of Reliance Industries (RIL) fell to Rs 2,580 per share, on Thursday, as the RIL stock had ended at ₹2,853 apiece on NSE. On BSE, RIL share price settled down at ₹2,589 per share in a special pre-opening session.
“This is a strong listing of JFSL shares because as per RIL's last closing price of ₹2,853 on NSE, the implied value of the ex-demerged entity is ₹2,707 and that of RSIL is ₹133,” Sumeet Bagadia, Executive Director at Choice Broking, was quoted as saying by Livemint.
Also read: RIL-Jio Financial Services Demerger: Know Cost Of Acquisition Of RIL Shares, Other Details
Also, from now onwards, Nifty will have 51 shares and Sensex will have 31 shares in their respective stock list, with the latest entrant in the market being Jio Financial Services shares.
The demerged entity will also be included in the Nifty 100, Nifty 200, and Nifty 500 indices, as well as other sectoral indices. The listing date could be in the next 2-3 months and is expected to be announced at Reliance's forthcoming AGM.
According to media reports, JFSL’s total outstanding shares stand at 676.6 crore, taking the total market capitalisation of the company to Rs 1.77 lakh crore on NSE.
All RIL shareholders at the end of the trading day on July 19 will be eligible to get JFSL shares in the ratio of 1:1.
Cost of acquisition
The board of RIL has declared the cost of acquisition of Reliance and Jio Financial Services.
RIL has informed both exchange houses, in its filing, that the cost of acquisition for Reliance Industries Ltd would be 95.32% while the rest 4.68% for Reliance Strategic Investments Limited.
Also read: Reliance Industries Likely To Pay Dividend To Its Investors Nearly After A Year
“For the purpose of determining the post demerger cost of acquisition of equity shares of the Company and RSIL, you are advised to apportion your pre demerger cost of acquisition of equity shares in the Company in the following manner: Reliance Industries Limited (95.32%), Reliance Strategic Investments Limited (4.68%),” RIL said in the filing.
Reliance Strategic Investments Limited (RSIL) set to be demerged from RIL on July 20. It will be renamed Jio Financial Services (JFS) and be listed on exchanges at a later date.
"You are advised to apportion your pre-demerger cost of acquisition of equity shares in the company in this manner. This communication is for the benefit of the shareholders and the company takes no express or implied liability in relation to this guidance," the company said.
