RIL share price sees minor gains ahead of Jio Financial Services demerger
Reliance Industries (RIL) shares witnessed minor gains on Wednesday ahead of demerger of Jio Financial Services. Reliance shares opened at ₹2,832 apiece on BSE. At 9:51 IST, RIL shares were up 0.64% at ₹2,842.
On Thursday, July 20, Jio Financial Services (JFSL) will be demerged from Reliance Industries (RIL). The planned demerger of Jio Financial Services had been approved by the National Company Law Tribunal, RIL reported in a BSE filing on July 8th. It announced July 20, 2023 as the record date. Last September, RIL stated that its financial services division would be demerged and listed separately on the stock exchanges under the name Jio Financial Services Ltd.
The demerger was allowed by the Mumbai bench of the National Company Law Tribunal (NCLT) in an order from June 28 that was posted on the NCLT website on July 5. Reliance Strategic Investments Ltd., which would become Jio Financial Services, had its spinoff approved by shareholders and creditors in May. Demerger ratio is fixed at 1:1.
In other words, the company will be given one share of JFSL for each share of RIL owned prior to the record date of July 20. Within the following two to three months, JFSL is expected to list. (more to come)Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
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