Ambani’s Finance Unit Valued at $20 Billion After Spinoff
- Jio Financial Services priced at 261.85 rupees apiece
- Jio price discovered in special session by exchanges
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Reliance Industries Ltd’s financial services unit was valued at about $20 billion after a special session conducted by exchanges to discover its trading value.
Jio Financial Services Ltd. was priced at 261.85 rupees ($3.19) apiece based on the difference between Reliance’s stock price at Wednesday’s close and trading at 10:00 am Thursday in Mumbai following an hour-long special pre-market session. Reliance, India’s most valuable company, will now trade on exchanges without its financial services unit.