Reliance stock price up by more than 4% today

31 Mar 2023 , 02:27 AM

Reliance Industries saw a rise of over 4% in its shares to Rs 2,343.45 during Friday’s trading session on BSE, following the announcement that the company has started the procedure to separate its financial services business. The company has convened a meeting of creditors and shareholders in this regard. 

Reliance Industries has scheduled a meeting on May 02, 2023, for its creditors and shareholders to review and endorse the proposed plan of separation between Reliance Industries and Reliance Strategic Investments (RSIL). Following the demerger, the name of Reliance Strategic Investments will be altered to Jio Financial Services.

For every share held by a shareholder in Reliance Industries, they will be given one share of the separated entity.

In the previous year, Reliance Industries, led by Mukesh Ambani, had revealed its plan to split its financial services business into a distinct entity and then introduce it on the stock exchanges. This separation will be carried out using a share-swap scheme, with shareholders of RIL receiving one share of Jio Financial Services for every share they hold in the company.

At around 2.24 PM, RIL was trading 4.44% higher at Rs 2,334 apiece, against the previous close of Rs2,234.70 on NSE. 

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