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Reliance Industries Ltd (RIL) had high buying activity from Indian stock market bulls during Monday morning trades after the company 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 market capitalization was around 18.62 lakh crore at 10:43 AM.
Jio Financial Services demerger record date
“This is in support 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 fixed as the Record Date for the purpose of determining the equity shareholders of the Company entitled to receive the Resulting Company.”
Reliance Industries went on to inform:
- The plan goes into effect on July 1, 2023.
- In accordance with provisions of the Scheme, Reliance Strategic Investments Limited (“RSIL”) shall issue and allot 1 (One) fully paid-up equity share of RSIL having 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 on the Record Date.
Jio Financial Services share price
Though no formal statement has been made regarding Jio Financial share price, global stock broker Jefferies has predicted that Jio financial Share price would be around 179, while JP Morgan has estimated Jio Financial Services share price to be around 189.
Jio Financial listing date
Avinash Gorakshkar, Head of Research at Profitmart Securities, stated on the expected Jio Financial listing date after the announcement of the Jio Financial Services demerger record date, “We can expect Jio Financial listing by end of August 2023 as it would take around one to one and a half month after the demerger record date.”