RIL's Today's Separation from RIL is Confirmed. It will be renamed as Jio Financial Services (JFS) and listed on the exchanges at a later date.
RIL stock is currently listed at INR 261.8 per share, and Nuwama Research expects Nifty 50 index passive trackers to sell approximately 90 million shares, equivalent to about $290 million.
At the end of a special trading session on the stock exchanges, shares of Reliance Strategic Investments Limited (RIL) were acquired at INR 261.85, significantly higher than analysts' estimates of INR 160-190.
This would value RIL at approximately INR 1.45 trillion. RIL is preparing to separate from RIL today, July 20. It will be renamed as Jio Financial Services (JFS) and listed on the exchanges at a later date.
RIL stock closed at INR 2589 on the BSE, down from its previous closing price of INR 2853 per share.
The company will announce its earnings for the June quarter on July 21. With the financial business of RIL being transferred to JFS, it will hold a 6.1% stake in Reliance Industries.
As per the scheme of arrangement, RIL shareholders will receive one share of Reliance Strategic Investments for each of their one share.
However, investors should note that this new stock is not currently tradable. It will remain stable at its current value until the listing date is announced. Three days after its listing, it will be removed from Nifty 50.
The company primarily operates in the NBFC market and credit markets. It has plans to expand its operations in insurance, digital payments, and asset management sectors.
Isha Ambani has been appointed as a non-executive director on the board of JFS, while former ICICI executive Hitesh Sethia will take on the role of CEO and MD. These appointments are expected to strengthen the company's leadership team and boost its growth initiatives in various sectors.
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