The effective date for the demerger would be July 1, while July 20 has been fixed as the record date to determine the name of the shareholders entitled to receive the new company's shares, RIL said in a regulatory update.
On March 30, RIL initiated the process to demerge its financial services business into RSIL and rechristen it as Jio Financial Services (JFSL). The company, which had received shareholders' approval for the process in May, received approval from the Mumbai bench of the National Company Law Tribunal on Thursday.
The spinoff would create the fifth-largest financier in terms of capital in the country, and unlock value for RIL's shareholders.
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