New Delhi: Reliance Industries has announced plans to demerge its financial services undertaking into Reliance Strategic Investments Limited (RSIL) and rename and list it as Jio Financial Services Limited (JFSL). The demerger of Jio Financial Services Ltd has been approved by NCLT, and RIL has fixed July 20 as the record date.
Record Date For Jio Financial Demerger
In a BSE filing on July 8, RIL said, “This is to inform that Thursday, July 20, 2023 has been fixed as Record date for the purpose of determining the equity shareholders of the Company entitled to receive the equity shares of Reliance Strategic Investments Limited pursuant to the Scheme of Arrangement between Reliance Industries Limited and its shareholders and creditors & Reliance Strategic Investments Limited and its shareholders and creditors.”
cre Trending Stories
RIL had kept the Effective Date of the Scheme as July 1, 2023.
What Will Reliance Shareholders/Investors Get?
The Company had further added, “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 Rs 10 (Rupees Ten) each for every 1 (One) fully paid-up equity share of Rs 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”.
Can You Really Get Jio Financial Services Limited (JFSL) For Free?
As per the company announcement on Demerger of Jio Financial Services Ltd, RIL has set the ratio for demerger at 1:1. This means, for every share of RIL held before the record date, the company will award 1 share of JFSL.
Jio Financial Services Limited (JFSL) Demerger: What Is The Importance Of Record Date
Record date can also be explained as the cut off date or the deadline set by a business or a company to identify which shareholders are qualified to receive a certain dividend or payment. Since RIL has fixed July 20 as the record date for Jio Financial Services Limited, today i.e July 19 is ex-record date. Hence, anyone who bought RIL stock after July 19 not get the share. In other words, July 19 being the ex-record date, today is the last date to buy the shares.
When Will Jio Financial Services Limited Be Listed?
You can only see your share status after Jio Financial Services Limited is listed. The financial business of Reliance Strategic Investments will list separately and will be named JFSL post-listing. The JFSL is expected to get listed in the next 2-3 months.
On July 21, the company will reveal Q1FY24 earnings, according to its announcement. The stock has increased 7.9% in the last month. Reliance Industries will now have a 6.1 percent interest in JFSL when RIL’s finance operations are transferred there, according to Axis Securities as reported by news Agency IANS.
This Post is auto generated from rss feed if you got any error/complaint please contact us.