Key Points
BENGALURU, July 20 (Reuters) - The share price of Jio Financial Services (JFS), the demerged financial services unit of Reliance Industries (RELI.NS), was set at a much higher-than-expected 261.85 rupees ($3.19) during a special trading session for the parent company's stock on Thursday...
JFS' share price was calculated as the difference between Reliance's last close and the stock's settling price at the end of the special session..
Reliance's stock settled at 2,580 rupees apiece after the session, compared to its close of 2,841.85 rupees on Wednesday...
Analysts had estimated the share price of Reliance Strategic Investments, which will be renamed Jio Financial Services, would be valued at between 160 rupees and 190 rupees per share...
The demerger is being seen as oil-to-retail conglomerate Reliance's way to expand its presence in financial services, which it can offer via a non-bank financial company licence it holds...
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