Mukesh Ambani’s Jio Financial Services to enter FTSE indices from 20 July

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Reliance Industries’ subsidiary Jio Financial Services will enter three FTSE Russell indices: FTSE All-World Comprehensive Factor Index, FTSE Emerging Comprehensive Factor Index and FTSE All-World ex CW Balanced Factor Index. The demerged entity will be included in the indices 20 July onwards. However, Jio Financial Services will remain at a static price on FTSE indices, since the date of listing on exchanges has not been announced yet, following its demerger from Reliance Industries.

“[Jio Financial Services] will remain in the index at a static estimated price until its trading commences on the exchange. If the trading day remains unknown after 20 business days, FTSE Russell will review the company in accordance with the FTSE Russell Spin-offs policy,” said the index aggregator FTSE Russell. Additionally, a capital repayment which is equivalent to the entitlement value of Jio Financial Services will be applied to Reliance Industries on the ex-entitlement date, added the aggregator. The classification of Jio Financial Services will be under oil refining and marketing.

About the Reliance Industries demerger

Reliance Industries has decided to demerge its financial services unit Reliance Strategic Investments. RIL has fixed July 20 as the record date to determine the equity shareholders entitled to receive shares of Reliance Strategic Investments (RSIL). Under the scheme of the arrangement, Reliance Strategic Investments will allot one fully paid-up equity share of RSIL of face value of Rs 10 each, for every one share of Reliance Industries as of the record date. Reliance Strategic Investments will then be renamed Jio Financial Services (JFSL).

Reliance Industries F&O open contracts

Reliance Industries’ open futures and options contracts for the months of July, August and September will expire on 19 July as a result of the demerger. “All existing contracts with expiry dates July 27, 2023, August 31, 2023 and September 28, 2023, will expire on July 19, 2023. The methodology of settlement shall be separately intimated by respective Clearing Corporations,” said the National Stock Exchange, in a circular.


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