RIL top Sensex gainer after fixing record date for financial unit demerger

RIL has fixed July 20 as the record date for determining the equity shareholders who are entitled to receive shares of Reliance Strategic Investments Limited,which will be renamed Jio Financial Services

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Market heavyweight Reliance Industries gained over 4 percent to emerge as the top gainer among the Sensex pack in the morning on July 10 after the Mukesh Ambani-led 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).

Reliance Industries hit its 52-week high of Rs 2,755 in morning trade. At 10.40 am, shares of Reliance Industries (RIL) were trading 4.2 percent up at Rs 2,745 on BSE.

The firm is 4 percent away from its lifetime high of Rs 2,856.15 per share, which it reached on April 29, 2022.

Under the scheme of arrangement, 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).

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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 Sunil Mehta has been appointed the additional director.

Isha Ambani and Anshuman Thakur have been appointed as non-executive directors.

The firm 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.

Reliance Retail buyback

In a regulatory filing after market hours on July 7, RIL said the board of directors of Reliance Retail approved reduction of the equity share capital to the extent held by shareholders other than its promoter and holding company Reliance Retail Ventures Limited (RRVL).

“Upon such reduction, these shares held by such shareholders shall stand cancelled and extinguished,” it added.

A consideration of Rs 1,362 a share, determined on the basis of valuation obtained from two reputed independent registered valuers, would be paid towards the capital reduction.

Reliance Retail’s equity shares are not listed. The valuation was determined Ernst & Young Merchant Banking Services and BDO Valuation Advisory LLP.

RRVL, the promoter and the holding company of Reliance Retail, holds 99.91 percent of the share capital.

Brokerage Views

JP Morgan has maintained its “overweight” stance on the RIL stock, with a target price of Rs 2,960 a share, an upside of 9 percent from the current market price.

It said in a report that Reliance Retail has been valued at an enterprise value of $112 billion and the implied equity value would be $102 billion.

Global brokerage Bernstein has pegged the enterprise valuation of RIL’s stake in Reliance Retail at $111 billion.

RIL has gained 9 percent in the last one month and nearly 12 percent in the last year.

Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.​

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