All eyes are now on the special pre-open session in Reliance Industries Ltd (RIL) on Thursday to arrive at the share price of Jio Financial Services, its demerged unit.

The private sector giant had fixed July 20 as the record date to determine shareholders entitled to shares in the financial services arm.

RIL has said its shareholders will get one share of the new entity for every share held. It is expected that Jio Financial Services will be listed in 2-3 months.

A special pre-open session is held for certain types of securities: these include initial public offering (IPO), relisted securities on the first day of recommencement of trading and stocks having derivative contracts after undergoing corporate restructuring.

In another instance, a restructuring can include a demerger and therefore a special pre-open session is held.

This session will be held between 9am to 10am Thursday, during which orders can be entered.

At 10am that the demerged firm will be included in the Nifty 50 and other indices at a ``constant price’’, which is the difference between RIL’s closing price on Wednesday and the price arrived during the special pre-open session.

For example, if the RIL share closes at Rs 2,800 on Wednesday and the price arrived after the pre-open session on Thursday is Rs 2,600, one share of Jio Financial Services will be priced at Rs 200.

With Jio Financial Services being a part of the Nifty at the constant price, the index will have 51 constituents for now.

The new company will be removed from the index (and others) after the end of the third day of its listing.

During this period (when Jio Financial Services is part of the index), transactions cannot be done. They can be done only after the company gets listed on the bourses after Reliance allots the shares to its shareholders.

Analysts at Axis Securities recently pegged Jio Financial Services at the RIL treasury stock valuation of Rs 1,08,597 crore since its business model is yet to be announced.