Jio Financial Services: The share price of Reliance increased when the business announced the demerger of Jio Financial Services, with a record date scheduled for July 20th, 2023.
Reliance Industries Ltd (RIL) had high buying activity from Indian stock market bulls during Monday morning trades after the firm announced value unlocking through the demerger of Jio Financial Services. Today’s Reliance share price opened higher and went on to attain an intraday high of 2756 per share on the NSE, surpassing the previous 52-week high of 2755 per share. While climbing to a new 52-week high, Reliance shares passed the 18 lakh crore market valuation level. Reliance Industries Ltd’s market capitalization was about 18.62 lakh crore at 10:43 AM.
Jio Financial Services demerger record date
“This is in furtherance to our letter dated July 6, 2023, intimating that the Hon’ble National Company Law Tribunal, Mumbai Bench has sanctioned the Scheme,” Reliance said on Saturday, adding, “In accordance with the terms of the Scheme, Thursday, July 20, 2023 has been set as the Record Date for the purpose of deciding the equity shareholders of the Company entitled to receive the Resulting Company.”
Reliance Industries went on to inform:
1] The Scheme goes into effect on July 1, 2023.
2] In accordance with 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 have been recorded in the register of members and records of the depository as on the Record Date.
Jio Financial Services share price
Though no formal statement has been made regarding Jio Financial Services share price, global stockbroker Jefferies has predicted that Jio Financial Share price will be around 179, while JP Morgan has estimated Jio Financial Services’ share price to be about 189.
Jio Financial Services listing date
Profitmart Securities’ Head of Research, Avinash Gorakshkar, remarked on the predicted Jio Financial Services listing date following the release of the Jio Financial Services demerger record date, “We can expect Jio Financial Services listing by the end of August 2023 as it will occur around one to one and a half month after the demerger record date.”
