After the announcement of Jio Financial Services' demerger, Reliance's share price increases to a record high. Mcap reaches 18 lac crore

Reliance announced the demerger of Jio Financial Services, with a record date scheduled for July 20, 2023. This news caused the company's share price to soar.

Bulls on the Indian stock market showed a significant purchasing interest in Reliance Industries Ltd. (RIL) shares during Monday morning trading as the firm announced the value unlocking via demerger of Jio Financial Services. Today's Reliance share price started out well and eventually reached an intraday high of $2756 per share on the NSE, surpassing the previous all-time high of $2755 per share. Reliance shares reached a new high while crossing the 18 lakh crore market valuation, marking a new milestone. Reliance Industries Ltd. had a market value of around 18.62 lakh crore at 10:43 AM.

Date of the Jio Financial Services demerger

This is in furtherance to our letter dated July 6, 2023 informing you that the Hon'ble National Company Law Tribunal, Mumbai Bench, has sanctioned the Scheme," Reliance stated in a statement on Saturday. It also stated that "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."

1] The Scheme will go into effect on July 1, 2023;

2] 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 ₹10 (Rupees Ten) each for every 1 (One) fully paid-up equity share of ₹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.

Price of shares of Jio Financial Services

Although there hasn't been an official announcement regarding the price of Jio Financial Services shares, global stockbroker Jefferies has predicted that the price will be around 179, while JP Morgan has estimated the price to be around 189 per share.

Date of Jio Financial Services's listing

Avinash Gorakshkar, Head of Research at Profitmart Securities, commented on the anticipated Jio Financial Services listing date after the announcement of Jio Financial Services demerger record date, "We can expect Jio Financial Services listing by end of August 2023 as it would take around one to one and half month after the demerger record date."