Bengaluru: Shares of India Reliance Industries commenced trading in a special session on Thursday with an aim to determine the share price Jio Financial ServicesIts separate financial services unit.
Reliance shares had closed at Rs 2,841.85 on Wednesday.
India’s two main stock exchanges are conducting “pre-open call auction” sessions for Reliance between 9:00 am and 10:00 am IST.
The price of a share for Reliance Strategic Investments, which will be renamed as Jio Financial Services (ZFS), will be determined by calculating the difference between the last close of Reliance and the settlement price of the stock at the end of the special session.
Analysts expect ZFS to be priced in the range of Rs 160 to Rs 190 per share.
Reliance shares will trade at the new price after the special session on Thursday.
ZFS stock will be included in major indices including India’s benchmark Nifty 50, but will not be traded until listed.
The listing date is expected to be announced at the upcoming annual general meeting of Reliance.
Reliance shares have gained 8% since the company announced the record date of demerger on July 8. It had announced the demerger last October.
The stock is up 11.6% so far this year, outpacing the 9.5% gain in the Nifty 50.
Reliance shares had closed at Rs 2,841.85 on Wednesday.
India’s two main stock exchanges are conducting “pre-open call auction” sessions for Reliance between 9:00 am and 10:00 am IST.
The price of a share for Reliance Strategic Investments, which will be renamed as Jio Financial Services (ZFS), will be determined by calculating the difference between the last close of Reliance and the settlement price of the stock at the end of the special session.
Analysts expect ZFS to be priced in the range of Rs 160 to Rs 190 per share.
Reliance shares will trade at the new price after the special session on Thursday.
ZFS stock will be included in major indices including India’s benchmark Nifty 50, but will not be traded until listed.
The listing date is expected to be announced at the upcoming annual general meeting of Reliance.
Reliance shares have gained 8% since the company announced the record date of demerger on July 8. It had announced the demerger last October.
The stock is up 11.6% so far this year, outpacing the 9.5% gain in the Nifty 50.