Reliance Industries Ltd (NS:RELI) (RIL), the most valuable company by market capitalization in India, has set July 20, 2023 as the record date for allocating equity shares under the demerger scheme of its financial services subsidiary Reliance Strategic Investments Ltd (RSIL).
In order to establish which owners of the company are eligible to obtain new equity shares of RSIL, which will be renamed Jio Financial Services Ltd (JFSL), the conglomerate has set the record date.
This and other significant decisions were made by the Board of Directors during a Board meeting held on Friday after receiving the required regulatory permissions for the aforementioned demerger procedure last month.
Additionally, RIL stated that the demerger strategy will go into effect on July 1, 2023.
Reliance Industries shareholders would receive one fully paid-up equity share of RSIL with a face value of Rs 10 for each equity share of RIL they held on the record date, in accordance with the rules of the Scheme.
According to an ET article, the big international brokerage JPMorgan (NYSE:JPM) pegs the share price of Jio Financial Services at Rs 189 per share, while brokerage company Jefferies sets the price at Rs 179 per share.
Reliance Industries’ stock increased 3.3% last week, and it has increased 6.11% over the past month.