Reliance announces July 20 as record date for Jio Financial demerger

economictimes.indiatimes.com:

Reliance Industries (RIL) today announced that July 20 would be treated as the record date for the demerger of its financial services arm Reliance Strategic Investments which would be renamed as Jio Financial Services (JFSL). The decision to this effect was taken at a board meeting of the company yesterday after getting regulatory approval on the demerger on July 5. The move will unlock value for 36 lakh-strong shareholder base of RIL, India's largest company by market capitalisation.

As part of the demerger scheme, RIL shareholders will get one share of Jio Financial for every share they own of RIL. The stock is already up 13% in the last three months. «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 New Equity Shares,» RIL said in a regulatory filing, adding that the effective date of the demerger scheme is July 1.

The company also announced the appointment of Mukesh Ambani's daughter Isha as a non-executive director of the financial services company subject to approval from the Reserve Bank of India (RBI). In RIL's annual general meeting (AGM), the date of which has not been announced yet, the Ambanis are expected to lay out the roadmap for JFSL before it gets listed on stock exchanges. It was earlier reported that JFSL may get listed in September.