RIL-JIO Demerger: All eyes on Reliance Industries shares, dominance of both stocks in special session

Billionaire Mukesh Ambani-led oil-to-telecom conglomerate Reliance Industries Limited (RIL) today demerged its financial arm Jio Financial Services (JSFL). The record date for the Reliance-Jio financial demerger was fixed today, July 20, 2023. The ratio of demerger has been fixed at 1:1.
Shares of Jio Financial Services will be listed on the National Stock Exchange (NSE) at Rs 273 per share. Reliance's share price was fixed at Rs 2,580 per share on the NSE in the special pre-open session on Thursday. Yesterday RIL stock ended at Rs 2,853 per share (2853 - 2580) on NSE. On BSE, Reliance's share price closed at Rs 2,589 per share in the special pre-opening session.
Reliance Strategic Investments Ltd approved the spinoff for shareholders and creditors in May. Now its name will be changed to Jio Financial Services. Shares of Reliance Industries (RIL) will not be available for normal trading for the first 45 minutes on Thursday, July 20. Shares of RIL closed 1.15 percent higher at Rs 2,853 on the NSE in Wednesday's session.
Jio Financial Services, the financial arm of Reliance Industries, will be demerged from its parent company today. Reliance Industries will demerger separately on NSE and BSE today. Jio Financial Services will be included in Nifty 50, Sensex 1000. The company announced the oil-to-retail group in October. The company had informed that it would separate its financial services from Reliance. From today, Jio Financial Services Limited will be separately listed on the stock exchanges.
Shareholders who hold shares of Reliance Industries will also get one equity share of Jio Financial Services.
Shares of Reliance Industries opened for the special pre-opening trading session between 9 am and 10 am on the stock exchange. In this session, RIL's share price was determined after the separation of Jio Financial Services. At this time, none of the shareholders can buy the stock. Can only place orders, cancel or modify shares of the company.
Shares of RIL were trading at Rs 2,600 during the special session of the Indian market on Thursday. At the same time, the shares of the company closed at Rs 2,800 on Wednesday. JFS (Jio Financial Services) will have a separate listing post the demerger of the company. Its stock price has been fixed at Rs 200.
The company had in April revised the way stock exchanges handle demergers. As per the new norms, if a special pre-open session is conducted by the exchange, then the demerged entity will be retained in the index.