Reliance Industries Limited, also known as RIL, saw a surge of buying interest in the Indian stock market on Monday morning after the company announced its plan to unlock value by spinning off Jio Financial Services. . RIL share price opened with gains for the day and reached an intraday high of 2,756 rupees per share on the New York Stock Exchange, surpassing its 52-week high of 2,755 rupees per share. With this new peak, Reliance shares hit a major milestone by crossing the market capitalization of Rs 18 crore, reaching around Rs 18.62 crore at 10:43 am.
Reliance recently announced the record date for the separation of Jio Financial Services, which is set for July 20, 2023. “This is in addition to our previous letter dated July 6, 2023 stating that the scheme has been approved by the Hon\’ble National Court of Law,” the company said. Companies, Mumbai Bench\”. Further, he stated that 20 July 2023 will be used as the standard date to decide which equity shareholders of the company will be entitled to receive shares of the new stock in the startup.
Reliance Industries provided additional details regarding the separation process:
1. The effective date of the scheme is 1 July 2023.
2. Subject to the provisions of the Scheme, Reliance Strategy Investments Limited (“RSIL”) will issue and allocate 1 (one) fully paid equity share of RSIL with a face value of Rs 10 (ten ten rupees) each for one 1). ) fully paid equity shares of Rs 10 (ten rupees) each owned by the shareholders of the Company (“New Company Shares”) whose names are entered in the Register of Members and/or Registers of Depositors as on the Recording Date. And
While the share price of Jio Financial Services has not been officially announced yet, global brokerage firm Jefferies values the price at around Rs 179, while JP Morgan values it at Rs 179 per share. 189 would be around Rs.
Regarding the listing date of Jio Financial Services, Avinash Gorakshkar, Head of Research at Profitmart Securities, expects it to happen by the end of August 2023, as it usually takes about a month to a month and a half after the listing date. merger
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