Mukesh Ambani-led Reliance Industries (RIL) stock gained over 4 per cent to emerge as the top gainer among the 30-share Sensex pack during morning trade on Monday after the oil-to-telecom conglomerate fixed July 20 as the record date for determining the equity shareholders entitled to receive shares of Reliance Strategic Investments Limited (RSIL).
On Monday, RIL stocks hit its 52-week high of Rs 2,755. At 10.40 am, shares of RIL were trading 4.2 per cent up at Rs 2,745 on the BSE. The company is 4 per cent away from its lifetime high of Rs 2,856.15 per share, which it reached on April 29, 2022.
Reliance Strategic Investments will allot one fully paid-up equity share of the face value of Rs 10 each for every share of RIL as of the record date. RSIL will be renamed Jio Financial Services (JFSL). The company also announced on July 8 that Hitesh Kumar Sethi would be the managing director and chief executive officer of the new entity. The appointment is for a period of three years and is subject to the Reserve Bank of India’s approval.
Former home secretary Rajiv Mehrishi has been appointed the additional director on the board of RSIL. Mehrishi was also the 13th Comptroller and Auditor General of India. Former MD and CEO of Punjab National Bank (PNB) Sunil Mehta has been appointed the additional director. Isha Ambani and Anshuman Thakur have been appointed as non-executive directors.
Reliance on July 10 crossed the Rs 18 trillion market cap mark once again. It had previously achieved this milestone in December 2022. RIL crossed the Rs 19 trillion m-cap mark in April 2022.
Foreign broking firm Macquarie said earlier that Jio Financial will have a significant advantage over other non-banking finance companies (NBFCs) due to its deep-pocketed parentage, AAA credit rating, strong and well-capitalised balance sheet, large distribution footprint and strong ability to attract top-notch talent.