Shares of Jio Financial Services Ltd (JFSL), the demerged financial services unit of Reliance Industries Ltd (RIL), were on Thursday priced at a higher-than-expected Rs 261.85 ($3.19) during a special trading session for the parent company’s stock.
JFS’ share price was calculated as the difference between Reliance’s last close and the stock’s settling price at the end of the special session. Reliance’s stock settled at 2,580 rupees apiece after the session, compared to its close of 2,841.85 rupees on Wednesday.
According to a Reuters report, analysts had estimated the share price of Reliance Strategic Investments, which will be renamed Jio Financial Services, would be valued between Rs 160 and Rs 190 per share.
Reliance shareholders are set to get one share of Jio Financial Services for holding one share of Reliance.
Jio Financial Services Ltd (JFSL) is set to be spun out of Reliance Industries Today, Thursday, July 20.
The RIL stock has settled at Rs 2589 a share on BSE from its previous close of Rs 2853 a share. As JFSL is being spun out of Reliance Industries, the share price of Reliance Industries will have to be adjusted accordingly.
Comments
0 comment