BENGALURU, July 20 Reuters The share price of Jio Financial Services JFS, the demerged financial services unit of Reliance Industries, was set at a much higherthanexpected 261.85 rupees 3.19 during a special trading session for the parent company39;s stock on Thursday.

JFS39; share price was calculated as the difference between Reliance39;s last close and the stock39;s settling price at the end of the special session. Reliance39;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.

Reliance shareholders are set to get one share of Jio Financial Services for holding one share of Reliance.

The demerger is being seen as oiltoretail conglomerate Reliance39;s way to expand its presence in financial services, which it can offer via a nonbank financial company licence it holds.

JFS39; access to vast amounts of data from Reliance39;s telecom and retail businesses will also help the company kickstart lending, analysts have said. Macquarie Research said the company would likely be an AAArated entity that could borrow at attractive rates.

India39;s two main stock exchanges held a preopen call auction session for Reliance from 900 a.m. to 10.00 a.m. IST 0330 to 0440 GMT.

JFS stock will be included in major indices, including India39;s…