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Reliance Share Price : Reliance share price witnessed strong buying interest among Indian stock market bulls during Monday morning deals as the company announced value unlocking via the demerger of Jio Financial Services. The news sent the share price soaring, with RIL opening upside and reaching an intraday high of ₹2756 apiece on NSE, surpassing its previous 52-week high of ₹2755 per share. The surge in price also propelled Reliance’s market cap to cross the ₹18 lakh crore mark, reaching a new milestone. As of 10:43 AM, Reliance Industries Ltd’s market cap was around ₹18.62 lakh crore.
Reliance Share Price : On Saturday, Reliance Industries declared the Jio Financial Services demerger record date as July 20, 2023. In a statement, the company mentioned, “This is in furtherance 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 Share Price : Though an official announcement regarding Jio Financial Services share price is yet to come, global brokerage Jefferies has estimated that Jio Financial Share price would be around ₹179, while JP Morgan has estimated Jio Financial Services share price to be around ₹189 apiece. The listing of Jio Financial Services is expected by the end of August 2023, approximately one to one and a half months after the demerger record date, according to Avinash Gorakshkar, Head of Research at Profitmart Securities.
The announcement of the demerger of Jio Financial Services by Reliance Industries Ltd has generated significant interest among Indian stock market investors. The surge in the company’s share price and the attainment of a new market cap milestone reflects the confidence of investors in the potential value unlocking opportunities presented by the demerger. The upcoming listing of Jio Financial Services is eagerly awaited, as analysts have provided estimates for the share price, signaling positive prospects for the new entity.
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The demerger record date for Jio Financial Services is set for July 20, 2023.
The effective date of the demerger scheme is July 1, 2023.
Reliance Strategic Investments Limited will issue and allot 1 fully paid-up equity share of RSIL with a face value of ₹10 for every 1 fully paid-up equity share of ₹10 each of the Company.
Global brokerage Jefferies has estimated Jio Financial Share price to be around ₹179, while JP Morgan has estimated it to be around ₹189 apiece.
Jio Financial Services is expected to be listed by the end of August 2023, approximately one to one and a half months after the demerger record date.
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