New Delhi: Jio Financial Subsidiary (JFS), a subdivision of Reliance Industries Ltd, is going to be added to FTSE indices from July 20, informed FTSE Russell in its statement. The demerged entity will be added to FTSE’s three indices.

For now, trading will not begin as the Reliance group has not officially announced the listing date for its financial services unit.

“The listing date of Jio Financial Services has not yet been announced. Consequently, it will remain in the index at a static estimated price until trading commences on the exchange,” FTSE stated.

FTSE indices

Financial Times-Stock Exchange 100 share index (FTSE 100) is known as “Footsie” in slang. The index keeps records of the 100 largest public companies by market capitalization listed on the London stock exchange (LSE).

FTSE is similar to the Dow Jones Industrial Average (DJIA) and the S&P in the U.S. and tracks the reports of the broader market.

JFS will be added to three FTSE indices; FTSE all world Comprehensive Factor Index, FTSE Emerging Comprehensive Factor Index and the FTSE All World Ex-CW Balanced Factor Index.

Meanwhile, if the trading date still remains unknown after 20 days, FTSE Russel will scrutinise the company as per the policy.

The financial services unit will be a part of the FTSE all-world index with a share issue of 6,765,591,509 with invest ability weighting of nearly 50 per cent.

Transfer of share

The record date has been set to July 20 to determine the eligible shareholders to give shares of Reliance Strategic Investments Ltd. Under the demerger, shareholders of Reliance Industries will get 1 share of Reliance Strategic Investments for every 1 share held in the company.

Post demerger, Reliance Strategic Investments would be renamed to Jio Financial Services.

Moreover, the National Company Law Tribunal (NCLT) has approved the demerger of Reliance’s Financial Services undertaking and its listing.