MUMBAI – The National Stock Exchange of India will conduct a special pre-open session for Reliance Industries stock on July 20, on account of the demerger of the financial services business of the company.
RIL has fixed July 20 as the record date to determine eligible shareholders for the allotment of shares of the demerged entity. Under the demerger, shareholders of RIL will get 1 share of the demerged entity Reliance Strategic Investments for every 1 share held by them in the conglomerate.
The demerged entity will be renamed Jio Financial Services and listed on the stock exchanges. The spun-off entity will be included in Nifty 50 and few other indices for a brief period until it gets officially listed on the stock exchanges, NSE said in a release.
This inclusion is in lieu with the change in the index methodology regulations laid out by the exchange while considering mergers and demergers in index constituents.
