Reliance's Jio Financial Services will be included in the FTSE All World Comprehensive Factor Index, the FTSE Emerging Comprehensive Factor Index, and the FTSE All World Ex-CW Balanced Factor Index
Jio Financial Services, a subsidiary of Reliance Industries Ltd, will be added to three FTSE indices effective 20 July, according to a statement from FTSE Russell. The trading will not take place as Reliance has yet to officially announce the listing date for the financial services unit.
"The listing date of Jio Financial Services has not yet been announced. Consequently, it will remain in the index at a static estimated price until trading commences on the exchange," FTSE said.
The demerged entity will be included in the FTSE All World Comprehensive Factor Index, the FTSE Emerging Comprehensive Factor Index, and the FTSE All World Ex-CW Balanced Factor Index.
If the trading date remains unknown after 20 business days, FTSE Russell will review the company in accordance with the policy.
Jio Financial Services will be added to the FTSE All-World index with a share issue of 6,765,591,509 and an investability weighting of 49.66 per cent. Reliance will remain in the index with an unchanged investability weighting of 49.66 per cent, FTSE said.
Reliance has set 20 July as the record date for determining eligible shareholders to receive shares of Reliance Strategic Investments Ltd. Under the demerger, shareholders of Reliance Industries will get 1 share of Reliance Strategic Investments for every 1 share held in the oil-to-telecom giant.
Reliance Strategic Investments, the demerged entity of Reliance, would be renamed Jio Financial Services and listed on the stock exchanges.
Recently, The National Company Law Tribunal (NCLT) approved the demerger of Reliance’s financial services undertaking and its listing.
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Mukesh Ambani’s daughter and Anshuman Thakur have been appointed as non-executive directors.