Jio Financial Shares Valued at Rs 261.85 Following RIL’s Special Pre-open Session

The National Stock Exchange (NSE) conducted a special pre-opening session for the Reliance Industries Ltd (RIL) stock to derive a constant price for Reliance Strategic Investments Ltd (RSIL) shares post its demerger from the oil-to-telecom conglomerate on 20th July. It will be renamed Jio Financial Services Ltd (JFSL) and be listed on exchanges. 

The constant share price would be calculated as the difference between RIL’s closing price on Wednesday and its price derived during today’s special pre-open session. Shares of RIL settled the last trading session at Rs 2,841.85 apiece. 

In the pre-open session from 9 am to 9:45 am, investors were allowed to enter, modify or cancel the orders for Reliance Industries. Within the next 10 minutes of the order matching period being kicked off, the orders were matched at an equilibrium price, i.e. the open price. RIL’s share price came in at Rs 2,580. 

At the end of the session on stock exchanges, the shares of RSIL or JFSL were valued at Rs 261.85, much higher than analyst estimates of Rs 160-190.

After settling at Rs 2,580 in the pre-opens session, RIL shares rose nearly 2% to touch an intraday high of Rs 2,630.95. At 11:45 pm, the scrip was trading at Rs 2,609.45, up 1.14% from the pre-open price. 

Jio Financial’s shares are not tradable but will remain in Nifty 50 at a constant price until the listing date is announced. Reliance’s weight in the index will be adjusted back. Till then, Nifty50 will have 51 stocks. Allotment and listing dates are yet to be announced.