Jio Financial Services Update: The name of Reliance Strategic Investment Limited, the financial company of Reliance Industries, has now been changed to Jio Financial Services Limited. The decision to change the name has become effective from 25 July 2023. Reliance Industries has informed this to the stock exchange in a regulatory filing.
Reliance Industries told the stock exchange that the name of Reliance Strategic Investment Limited has been changed to Jio Financial Services Limited after the approval of the Mumbai Bench of NCLT on June 28, 2023 and the issuance of the Certificate of Incorporation from the Registrar of Companies on July 25. . This decision will be considered applicable from July 25, 2023 only.
In fact, from July 1, 2023, the decision of demerger of Jio Financial Services from Reliance Industries became effective. And the record date was fixed on 19 July. That is, till this date, the number of shares of Jio Financial Services will be issued to the investor who had the same number of shares of Reliance Industries. Under the demerger process, on July 20, a one-hour special trading session took place in Reliance shares on the stock exchange for price discovery of Jio Financial’s shares.
In this special trading session, the share price of Jio Financial Services was fixed at Rs.261.85 on NSE and Rs.273 on BSE. Now investors are waiting for the formal listing of Jio Financial Services shares on the stock exchange. The market is hopeful that the company’s chairman Mukesh Ambani can disclose the date of listing of shares of Jio Financial Services in the AGM of Reliance Industries to the shareholders.
The discover price is expected to be above the level whenever Jio Financial gets listed on the stock exchange. The investors of Reliance Industries are going to get huge windfall gains from this. Reliance’s stock saw a gain of 1.70 per cent in Wednesday’s session and the stock closed at Rs 2526.
