Reliance Industries Ltd (RIL) stock price hit a fresh 52-week high on Wednesday ahead of the demerger of its financial services arm Jio Financial Services. Reliance shares hit Rs 2,845 on BSE in the intraday session, up almost 1 per cent from its previous close.
In an early session, RIL’s stock was quoting near its all-time high of Rs 2,855, which it touched on April 29, 2022.
Reliance Industries shares closed 1.15 per cent higher on NSE at Rs 2,853.
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This comes after the conglomerate on July 8 announced that the National Company Law Tribunal (NCLT) has approved the planned demerger of Jio Financial Services.
Reliance announced that July 20, Thursday, has been fixed as the record date for the purpose of determining the equity shareholders of the company entitled to receive the new equity shares of Reliance Strategic Investments (RSIL).
The demerged RSIL, before listing, will be renamed as Jio Financial Services (JFS). After listing tomorrow, JFS will become a separate company mirroring the shareholding of RIL.
After listing, Reliance shareholders will get one share of JFS in addition to each RIL share they hold.
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On account of the demerger, the National Stock Exchange of India will hold a special pre-open session in RIL stock tomorrow. The special pre-open session will take place from 9 am to 10 am, and the normal trading in RIL shares will start after 10 am.
Due to a delay in trading of Reliance shares, NSE’s Nifty50 index’s computation will be based on 49 stocks during the pre-open session.