Home Market Reliance Share Price Soars to 52-Week High after Jio Demerger

Reliance Share Price Soars to 52-Week High after Jio Demerger

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Reliance Share Price Soars to 52-Week High after Jio Demerger

Reliance Industries Ltd, popularly known as RIL, witnessed a surge in its share price, reaching a 52-week high, following the announcement of the demerger of Jio Financial Services. The Indian stock market experienced significant buying interest, propelling Reliance’s share price to new heights. Opening on a positive note, the share price soared to an intraday high of ₹2756 per share on the NSE, surpassing the previous 52-week high of ₹2755. Along with this remarkable milestone, Reliance’s market capitalization crossed ₹18 lakh crore, standing at around ₹18.62 lakh crore as of 10:43 AM.

Reliance revealed the record date for the demerger of Jio Financial Services, which is set for July 20, 2023. In their statement, Reliance mentioned that the National Company Law Tribunal, Mumbai Bench, had sanctioned the scheme. As per the terms of the scheme, shareholders of Reliance Industries Ltd will receive one fully paid-up equity share of Reliance Strategic Investments Limited (RSIL) with a face value of ₹10 for every fully paid-up equity share of Reliance Industries Ltd held by them.

Reliance also shared additional details regarding the demerger:

1. The effective date of the scheme is July 1, 2023.

2. As per the provisions of the scheme, RSIL will issue and allot one fully paid-up equity share of RSIL (having a face value of ₹10) for every fully paid-up equity share of Reliance Industries Ltd held by the shareholders.

While the exact share price of Jio Financial Services is yet to be announced, global brokerages such as Jefferies and JP Morgan have estimated the share price to be around ₹179 and ₹189 per share, respectively.

As for the listing date of Jio Financial Services, Avinash Gorakshkar, Head of Research at Profitmart Securities, anticipates that the listing could take place by the end of August 2023, considering it usually takes around one to one and a half months after the demerger record date.

It’s worth noting that these developments have sparked enthusiasm among investors, leading to a surge in Reliance’s share price and market capitalization, as the company continues to unlock its value through strategic initiatives.

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