The stock price of Jio Financial Services Ltd was discovered at ₹261.85 apiece at a special pre-opening session conducted on Thursday, exceeding analysts’ estimates of ₹125-250.
The National Stock Exchange scheduled the special pre-open session between 9 and 10 am to determine the price for Jio Financial in the capital market segment.
The move followed Reliance Industries Ltd’s (RIL) decision to spin off its financial services business, Reliance Strategic Investments Ltd, and change its name to Jio Financial Services.
The price discovery process was based on the difference between the closing price of RIL shares, which was at ₹2,580 at the end of the pre-opening session, and Wednesday’s closing price of ₹2,841.85.
Consequently, Jio Financial Services was included in various indices, including the Nifty, at a price of ₹261.85. This price will remain constant till the date of the company’s listing is declared.
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