Reliance Retail board of directors on Friday approved the reduction of equity share capital held by shareholders other than its promoters and holding companies like Reliance Retail Ventures, said Reliance Industries.
On the basis of this new decision shares held by such shareholders will stand cancelled and extinguished and a consideration of Rs 1,362 per share will be paid towards the capital reduction. The determined price was on the basis of valuation provided to the company by two reputed independent registered valuers.
Reliance Industries has fixed July 20 as the record date to determine the shareholders who will be receiving Reliance Strategic Investments shares. The shares of RSIL will have a face value of Rs 10 each. According to the scheme of arrangement Reliance Strategic Investments Limited will allot one fully-paid up share for every one share of Reliance Industries on the record date. RSIL will then be renamed as Jio Financial Services.
Reliance Industries shares
The shares of Reliance Industries on Monday morning at 10:13 am IST were trading at Rs 2,736.80 up by 3.96 per cent.
