Jio Financial hits lower circuit on listing day

New Delhi, Aug 21 (IANS) Shares of Jio Financial Services (JSF) hit a lower circuit of 5 per cent on the listing day on Monday.

The shares were locked in the lower circuit of 5 per cent at Rs 251.75 on BSE.

The shares listed at Rs 265 per share, a marginal premium over its derived price of Rs 261.85.

The stock is admitted to dealings in the 'T' group securities on BSE, which means intra-day trading in the stock is not allowed. The scrip will be in the Trade-for-Trade segment for 10 trading days.  

Reliance Industries is also trading down by more than 1 per cent at Rs 2,529 on BSE.

The listing is pursuant to the Scheme of Arrangement between Reliance Industries Limited (Demerged Company) & its Shareholders and Creditors & Jio Financial Services Ltd (Formerly known as Reliance Strategic Investments Limited) (Resulting Company) & its Shareholders and Creditors, sanctioned by NCLT Mumbai Bench.

Under the scheme for the transfer and vesting of Financial Service Business of Reliance Industries Limited into Jio Financial Services Ltd (Formerly known as Reliance Strategic Investments Limited); Jio Financial Services Ltd (Formerly known as Reliance Strategic Investments Limited) shall issue and allot Equity Shares to the shareholders of Reliance Industries Limited “1 (One) Fully Paid-Up Equity Share of Rs 10/- each of Jio Financial Services Ltd shall be issued and allotted for every 1 (One) Fully Paid- Up Equity Share of Rs 10/- each held in Reliance Industries Limited”.