Reliance Industries (RIL) stock rose more than 4.5% during Monday’s trade on the Bombay Stock Exchange (BSE), reaching a 52-week high of $2,755. This significant increase came after the record date of 20th July was set for the merger of Reliance Strategic Investments, later renamed as Jio Financial Services (JFSL), with its financial services division.
The Energy-to-Telecom conglomerate, through this strategic move, aims to consolidate its financial services branch and streamline its operations. The market responded positively to this development, leading to a substantial rise in RIL’s share price.
Reliance Industries (RIL) Making it to the highest point in 52 weeks. What prompted this rally, exactly?
The prospects for the company’s growth, investor attitude, and market trends are only a few of the variables that might affect such financial judgments and market movements.
When choosing an investment, investors are urged to carefully consider these considerations and seek professional assistance.
Reliance Industries continues to make strategic moves to strengthen its position in the market, and the merger of its financial services division marks another milestone in its journey.
Company Board Decides on Demerger After Regulatory Approval Last Month – Reliance Industries Informs Exchanges about the Decision on Saturday, 8th July.
Reliance Industries (RIL) shares were the most active on the exchanges, leading to gains in the frontline indices – BSE Sensex and Nifty50.
The price of RIL (Reliance Industries Limited) shares increased by more than 4%
Following regulatory approval for the demerger of its financial services division, India’s largest company, RIL, will unlock value for its 3.6 million strong shareholders. As part of the plan, RIL shareholders will receive one share of Jio Financial Services for each share of RIL held.
The stock has risen by 13% in only the last three months.
In a statement, RIL mentioned, “As per the terms of the scheme, the record date has been set as Thursday, 20th July 2023, for determining the shareholders entitled to receive the new equity shares of the resultant company.” The regulatory filing states that the effective date for the demerger scheme is 1st July.
Reliance Retail, the largest retailer in India and the retail division of RIL revealed on Friday that its board has approved a decrease in the company’s equity share capital, according to Reuters.
The report stated that Reliance Retail mentioned its holding company, Reliance Retail Ventures, will terminate or cancel the shares owned by independent registered valuation professionals at a price of ₹1,362, excluding shares owned by Reliance Retail Ventures itself, which holds approximately 99.91% of Reliance Retail’s shareholding, with the remaining 0.09% held by other shareholders.
Following regulatory approval for the demerger of its financial services division, India’s largest company, RIL, will unlock value for its 3.6 million strong shareholders. As part of the plan, RIL shareholders will receive one share of Jio Financial Services for each share of RIL held.
The stock has risen by 13% in only the last three months.
In a statement, RIL mentioned, “As per the terms of the scheme, the record date has been set as Thursday, 20th July 2023, for determining the shareholders entitled to receive the new equity shares of the resultant company.” The regulatory filing states that the effective date for the demerger scheme is 1st July.
Reliance Retail, the largest retailer in India and the retail division of RIL revealed on Friday that its board has approved a decrease in the company’s equity share capital, according to Reuters.