Jio Financial Services to get listed on stock exchanges on August 21
Jio Financial Services is currently listed under a dummy ticker and no trading is happening in the scrip.
Jio Financial Services—the demerged financial services unit of billionaire Mukesh Ambani-led conglomerate Reliance Industries Ltd—will get listed on stock exchanges on August 21, according to an exchange notification.
BSE said the scrip will be in the Trade-for-Trade segment for 10 trading days and will trade this Monday with the symbol of JIOFIN.
Jio Financial Services is currently listed under a dummy ticker and no trading is happening in the scrip.
Last week, shares of Jio Financial Services were credited to the demat account of shareholders. As part of the demerger, Reliance shareholders got one share of Jio Financial Services for holding one share of Reliance Industries. Following the update, shares of Reliance Industries rose to Rs 2566.85 on BSE.
Jio Financial Services falls under Ambani’s new plan to address the increasing demand for financial services in the country, including lending, insurance, digital broking, and asset management. More details will likely emerge during Reliance's annual general meeting scheduled on August 28.
In July, the emerged entity and BlackRock, the world's largest asset manager, announced to form a 50:50 joint venture—Jio BlackRock—to offer investment solutions to the Indian market.
The entities are targeting an initial investment of $150 million each in the JV, which will launch operations post receipt of regulatory and statutory approvals. The company will have its own management team.
Edited by Affirunisa Kankudti