Jio Financial Services (JFS), the financial arm of Indian conglomerate Reliance Industries, is set to be listed on the stock exchanges on Aug. 21, according to an exchange circular.
Billionaire Mukesh Ambani’s Reliance had last month spun off JFS, with stock price set at a much higher-than-expected 261.85 rupees valuing it at around $20 billion in a special trading session.
The much-anticipated listing date came when index managers were concerned about the delay. FTSE Russell on Thursday decided to remove JFS from some of its indexes from Aug. 22, saying that the stock did not commence trading yet.
JFS is part of major Indian indexes, including the benchmark Nifty 50 as well as some global indexes due to its demerger from Reliance Industries.
The stock will be in the trade for trade segment for 10 days, the BSE said in the circular, implying that the stock cannot be traded during the session.
Investors are looking for further details on JFS from Reliance’s annual general meeting scheduled on Aug. 28.
Ambani has said Jio Financial Services wants to provide simple, affordable and innovative digital first solutions.
Last month, JFS and U.S.-based BlackRock said they would form an equal joint venture to launch asset management services in India, with an initial investment of $150 million each.
Analysts say JFS’ access to the vast trove of data from Reliance’s telecom and retail businesses will also help it kick-start lending.
Shares of Reliance Industries reversed losses and were trading up 1.4%.
Reuters