Reliance Industries (RIL) shares jumped over 4.5% to hit a fresh 52-week high of Rs 2,755 on the BSE in Monday's trade after the energy-to-telecom conglomerate fixed July 20 as the record date for the demerger of its financial services arm Reliance Strategic Investments, which would later be renamed as Jio Financial Services (JFSL).
The decision to this effect was taken at a board meeting of the company on Friday after getting regulatory approval on the demerger last month. RIL informed the exchanges about the decision on Saturday, July 8
RIL shares were the most active on the exchanges and triggered the gains in the frontline indices S&P BSE Sensex and Nifty50.
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.Reliance Retail Ventures holds about 99.91% of Reliance Retail and 0.09% is held by other shareholders, a source with direct knowledge of the matter said.