July 20 record date for Jio Financial demerger
Financial Express Mumbai|July 09, 2023
RELIANCE INDUSTRIES (RIL) is inching ahead with the proposed spinoff of its financial services businesses into Reliance Strategic Investments (RSIL), and approved appointment of directors. RIL chairman and MD Mukesh Ambani's daughter Isha Ambani and former comptroller and auditor general Rajiv Mehrishi are among the directors it has approved for the new firm's board.
RAJESH KURUP
July 20 record date for Jio Financial demerger

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.

This story is from the July 09, 2023 edition of Financial Express Mumbai.

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This story is from the July 09, 2023 edition of Financial Express Mumbai.

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