A big update has emerged from the recently demerged Jio Financial Services from Reliance Industries. Mukesh Ambani's company Reliance Jio is going to be listed in the stock market on 21 August. Its date has been announced. Millions of investors were eagerly waiting for this. Recently, a separate entity was created by demerging Jio Financial Services from Reliance Industries.
Earlier only last week, the investors who had shares of Reliance Industries. Free shares of Jio started coming in his account. Actually, while giving a gift to its investors, the company had announced that the investor who will have as many shares of Reliance Industries. He will be given the same number of Jio shares free of cost. Means if you had 100 shares of Reliance Industries, then you would have got 100 shares of Jio for free.
BSE issued notice regarding Jio Financial
A notice on BSE said that the trading members of the exchange are informed that with effect from Monday, August 21, 2023, the equity shares of Financial Services Limited (formerly known as Reliance Strategic Investments Limited) will be listed and in the Group T list of securities will be accepted for transaction on the exchange. The listing of Jio Financial Services comes just a day before FTSE Russell plans to delist the stock from its indices.
Why did FTSE Russell announce its removal from the index?
FTSE Russell had earlier said it would delist Jio Financial Services from several FTSE indices if it failed to commence trading after 20 trading days. A notice shared by Indices Service Providers said that the company has not announced any fixed trading TED since its incorporation on July 20 and the omission will be effective from August 22. Jio Financial Services is currently listed under a dummy ticker and the stock is not trading. The BSE notice states that the stock will remain in the trade-for-trade segment for 10 trading days.
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