On the day of the company’s debut on Monday, shares of Jio Financial Services (JSF) reached a lower circuit of 5%.
At Rs 251.75 on the BSE, the shares were locked in at the lower end of the 5% range.
The shares were priced somewhat higher than their calculated price of Rs 261.85 at Rs 265 per share.
The stock is prohibited from intraday trading since it is admitted to trades in the ‘T’ category of securities on the BSE. The stock will spend 10 trading days in the Trade-for-Trade section.
Reliance Industries is now trading at Rs 2,529, down more than 1% on the BSE.
The listing is in accordance with the Scheme of Arrangement between Jio Financial Services Ltd. (Formerly known as Reliance Strategic Investments Limited) (Resulting Company) and its Shareholders and Creditors, which was approved by the NCLT Mumbai Bench.
According to the plan for the transfer and vesting of Reliance Industries Limited’s financial services business to Jio Financial Services Ltd (formerly Reliance Strategic Investments Limited), Jio Financial Services Ltd will issue and distribute equity shares to Reliance Industries Limited’s shareholders. “1 (One) Fully Paid-Up Equity Share of Rs. 10/- each of Jio Financial Services Ltd shall be issued and a
