Reliance Industries Ltd, or RIL, witnessed a surge in buying interest among Indian stock market bulls during Monday morning deals. The company recently announced value unlocking through the demerger of Jio Financial Services. Today, Reliance’s share price opened on a positive note, reaching an intraday high of ₹2756 per share on NSE, surpassing its previous 52-week high of ₹2755.
Scaling new heights, Reliance shares achieved a remarkable milestone by crossing a market cap of ₹18 lakh crore. As of 10:43 AM, Reliance Industries Ltd’s market cap stood at approximately ₹18.62 lakh crore.
Demerger Record Date for Jio Financial Services Reliance declared the demerger record date for Jio Financial Services on 20th July 2023, stating, “This is in addition to our previous communication dated July 6, 2023, informing that the Hon’ble National Company Law Tribunal, Mumbai Bench has approved the Scheme.”
Furthermore, they mentioned, “As per the terms of the Scheme, Thursday, July 20, 2023, has been set as the Record Date for determining the equity shareholders of the Company who are entitled to receive the Resulting Company New Equity Shares.”
1] The Effective Date of the Scheme is July 1, 2023.
2] As per the provisions of the Scheme, Reliance Strategic Investments Limited (“RSIL”) will issue and allot 1 (One) fully paid-up equity share of RSIL with a face value of ₹10 (Rupees Ten) each for every 1 (One) fully paid-up equity share of ₹10 (Rupees Ten) each of the Company (“Resulting Company New Equity Shares”) to the shareholders of the Company whose names are recorded in the register of members and/or records of the depository as of the Record Date.
While an official announcement regarding Jio Financial Services’ share price is yet to be made, global brokerage firm Jefferies has estimated it to be around ₹179. Similarly, JP Morgan’s estimation for Jio Financial Services’ share price is approximately ₹189 per share.
Jio Financial Services Listing Date
Commenting on the expected listing date of Jio Financial Services after the demerger record date announcement, Avinash Gorakshkar, Head of Research at Profitmart Securities, said, “We can expect the listing of Jio Financial Services by the end of August 2023, as it usually takes around one to one and a half months after the demerger record date.”
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