The National Stock Exchange and the BSE will conduct a special pre-market session on July 20 for Reliance Industries Ltd on account of demerger. Reliance Industries will turn ex-date on July 20 for the proposed demerger of its financial services business into Reliance Strategic Investments Limited, which will be renamed Jio Financial Services Limited.
Shareholders of Reliance will get one share of JFSL for each share held in the company.
Besides, Reliance will see the introduction of new contracts, adjusting to the demerger of JFSL, as all existing contracts of Reliance Industries expired on Wednesday.
Meanwhile, Reliance Industries will declare its first quarter results and dividend for FY24 on July 21.
From July 20, Jio Financial will be included in indices such as Nifty 100, Nifty 200, Nifty 500, Nifty50 Equal Weight, Nifty 500 Multicap 50:25:25, Nifty Commodities, Nifty Energy, Nifty India Manufacturing, Nifty Infrastructure, Nifty LargeMidcap 250, Nifty Low Volatility 50, Nifty Mobility, Nifty Oil & Gas, Nifty Total Market, Nifty 100 ESG, Nifty 100 Liquid 15 and Nifty100 Low Volatility 30.
Among the BSE, it will feature 18 indices, including BSE100, BSE Sensex50, BSE100 LargeCap 100 TMC, BSE 200, BSE 500, BSE India Manufacturing Index, BSE 250 LargeMidCap Index, BSE LargeCap, BSE LargeMidCap, BSE AllCap and BSE Greenex.
There will be a special pre-open session between 9 am and 10 am to determine the price of RIL ex-financial.
The pre-open session is expected to settle around 9.45 am.
RIL trading will commence at 10 am.
Analysts estimate the value of Jio Financial to be between Rs 160 to Rs 190.