Jio Financial Services, the demerged entity of Reliance Industries has allotted equity shares of Jio Financial Services to shareholders of Reliance Industries to eligible shareholders.

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Shareholders of Reliance Industries were supposed to get one equity share of Jio Financial Services each for every one share of Reliance as of the record date on July 20.

The board has allotted 635.32 crore shares of face value of Rs 10 each to eligible shareholders of Reliance Industries. It has also noted the cancellation and reduction of the entire pre-scheme paid up share capital of the company, comprising of 20.2 lakh equity shares of Rs 10 each and 31.48 lakh non-cumulative compulsorily convertible preference shares of Rs 1 each, aggregating to Rs 2.33 crore, without any consideration.

Jio Financial Services has also applied to the BSE and the NSE for listing of these equity shares. The allotted equity shares will remain frozen in the depository system till listing premission is granted by BSE Ltd.

On July 20, Jio Financial Services shares were valued at Rs 261.85 each in a one-hour special price discovery session.

More details on Jio Financial Services are likely to emerge from the Annual General Meeting of Reliance Industries, which is scheduled to be held on August 28.

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