Since Jio Financial Services (JFSL) did not commence trading after 20 business days, and no firm trading date has been announced by the conglomerate, the index aggregator decided to remove it from all indices.
JFSL was included by the index aggregator in several indices on July 20, with a share issue of 6,765,591,509 and an investability weighting of 49.66%.
FTSE then said that if the trading day remains unknown after 20 business days, it will review the company in accordance with the policy.
JFSL was also added to MPF All-World, Global Large Cap, and Emerging indices of FTSE, while RIL continued to be part of these indices.
Reliance Strategic Investments, the demerged entity of RIL, was rechristened as JFSL, and RIL is yet to announce the date of listing on the stock exchanges.
Following the demerger of the business, the NSE and BSE added Jio Financial to key indices, including the Nifty 50 and Sensex on July 20.This was primarily to ensure price stability and limited volatility in RIL shares on account of the demerger exercise and was part of the revised methodology of the exchanges to treat demergers.
Stock exchanges conducted a special pre-open session in shares of RIL to derive the price of JFSL. The derived price of Jio Financial came to be Rs 261.85 per share and the stock remains to be part of
the indices at this constant value.
Dalal Street investors are expecting Chairman Mukesh Ambani to announce the listing date at the upcoming annual general meeting on August 28.
In trade on Thursday, shares of RIL ended 1.4% down on the NSE at Rs 2,538.
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