Reliance share price hits life-time high after announcement of Jio Financial Services demerger record date. Do you own?
Indian stock market bulls during Monday morning deals as company has announced value unlocking via demerger of Jio Financial Services. Reliance share price today opened upside and went on to hit intraday high of ₹2756 apiece on NSE, breaching previous life-time high of ₹2755 per share.
While ascending to its new high, Reliance shares hit a new milestone by surpassing ₹18 lakh crore market cap. At 10:43 AM, Reliance Industries Ltd's market cap was around ₹18.62 lakh crore.
On Saturday, Reliance declared Jio Financial Services demerger record date on 20th July 2023 citing, "This is in further to our letter dated July 6, 2023 intimating that the Hon’ble National Company Law Tribunal, Mumbai Bench has sanctioned the Scheme," 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 New Equity Shares." Reliance Industries went on to inform: 1] The Effective Date of the Scheme is July 1, 2023; 2] 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 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. Though, an official announcement in regard to Jio Financial Services share price is yet to come but global brokerage Jefferies has estimated that Jio Financial Share price would be around ₹179 whereas JP Morgan
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