RIL says will soon fix record date for allotment, listing of Reliance Strategic Investments shares

Ahead of its annual general meet (AGM), Reliance Industries Ltd (RIL) on Thursday said it will, along with Reliance Strategic Investments, take necessary steps, including fixing the record date for allotment and listing of equity shares of the latter on stock exchanges.

The announcement came as National Company Law Tribunal (NCLT) gave its nod to the demerger of the company's financial services undertaking and its listing. To recall, RIL planned to demerge its financial services undertaking into Reliance Strategic Investments Limited (RSIL) and rename and list it as Jio Financial Services Limited (JFSL). 

"We wish to inform you that the National Company Law Tribunal, Mumbai Bench (NCLT), vide its order dated June 28, 2023, has sanctioned the scheme," RIL said in a stock exchange filing.

Last week, Securities and Exchange Board of India imposed a penalty of Rs 7 lakh on Reliance Strategic Investments Limited for Nifty futures & options trade manipulation. 

In a brief note to exchanges, RIL said: "The company and Reliance Strategic Investments Limited will take necessary steps including fixing the record date for allotment and listing of equity shares of Reliance Strategic Investments Limited," it said.

Earlier this week, brokerage BofA Securities noted that RIL recently suggested spin-off of its financial services arm and also indicated the demerger process. By separating financial services from the core business, RIL appears to be keeping arm's length transaction from other entities, and in theory helping them better to attract strategic or JV partners who are keen only in financial services arm - like what they did with Reliance Jio or tower InvIT, it said.

The foreign brokerage said RIL made key announcements on value unlocking catalysts and at its AGMs in the past. It expected similar announcements this year, especially around Jio Financial Services (JFS), clean energy and digital business. Shares of RIL have historically outperformed going into the AGM on most instances, the foreign brokerage noted. The Reliance Industries' announcement came post market hours of Thursday. 

The RIL stock closed at Rs 2,638.35 on BSE, up 2.07 per cent. Shares of RIL had fallen in the previous two sessions.

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