RIL Sets Record Date For Jio Financial Demerger, Reconstitutes Its Board
The effective date for the scheme is set to be July 1, with the record date as July 20.
Reliance Industries Ltd. has set the record date for the demerger of its financial services arm that will be renamed and listed as Jio Financial Services Ltd.
Reliance Strategic Investments Ltd. will issue and allot one fully paid-up equity share of face value Rs 10 each for every fully paid-up equit share of Rs 10 each to shareholders of the new company on the record date, according to an exchange filing on Saturday.
Effective date for the scheme is set at July 1, with record date as July 20.
"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 new equity shares."
RSIL's board of directors has also approved the appointment of Hitesh Kumar Sethia as managing director and chief executive officer for a period of three years. The appointment is subject to approval of the shareholders of the company and the Reserve Bank of India.
The board will include:
Rajiv Mehrishi, Sunil Mehta and Bimal Manu Tanna as additional directors.
Isha Ambani and Anshuman Thakur as non-executive directors, subject to approval of the RBI.
KV Kamath, founder of ICICI Bank Ltd. and its longest serving CEO, was in November 2022 appointed as non-executive chairman of Reliance Strategic Investments. Balasubramanian Chandrasekaran has stepped down as independent director with effect from July 7.
The company has also recommended the appointment of Lodha & Co. as joint statutory auditor for a period of three years.
On Friday, shares of Reliance Industries Ltd. fell 0.2% to Rs 2,633. apiece on the BSE even as the benchmark Nifty 50 ended the day 0.85% lower at 19,331.80 points.
