RELIANCE SHARE PRICE SURGED AFTER COMPANY ANNOUNCE DEMERGER OF JIO FINANCIAL SERVICES

Bulls on the Indian stock market showed a significant purchasing interest in Reliance Industries Ltd. (RIL) shares during Monday morning trading as the firm announced the value unlocking via demerger of Jio Financial Services. The share price of Reliance increased today after an upbeat start, reaching an intraday high of $2756 per share on the NSE and surpassing the previous 52-week high of $2755 per share. Reliance shares reached a new milestone by crossing the 18 lakh crore market valuation as they rose to a new 52-week high. Reliance Industries Ltd. had a market value of around 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 informing you that the Hon’ble National Company Law Tribunal, Mumbai Bench, has sanctioned the Scheme,” Reliance stated in a statement on Saturday. It also stated that “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.”

1. The Scheme will go into effect on 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.

 

Estimations on Share Price 

Although there hasn’t been an official announcement regarding the price of Jio Financial Services shares, global stockbroker Jefferies has predicted that the price will be around 179, while JP Morgan has estimated the price to be around 189 per share.

 

Jio Financial Services Listing Date

Avinash Gorakshkar, Head of Research at Profitmart Securities, commented on the anticipated Jio Financial Services listing date after the announcement of Jio Financial Services demerger record date, “We can expect Jio Financial Services listing by end of August 2023 as it would take around one to one and half month after the demerger record date.”

10 thoughts on “RELIANCE SHARE PRICE SURGED AFTER COMPANY ANNOUNCE DEMERGER OF JIO FINANCIAL SERVICES”

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