RIL hits 13-month high on retail buyback, demerger of finance unit

Stock rallies 3.8 per cent to finish at Rs 2,735; m-cap tops 18.5 trillion again

Reliance Industries, Reliance, RIL

The company said it would buy shares at Rs 866 apiece as determined by independent valuers

Sundar Sethuraman Mumbai

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Reliance Industries, India's most valued company, ended Monday's session at a 13-month high after the company unveiled its plan to list its financial services unit and announced that its retail division will repurchase shares.

Shares of RIL rose 3.8 per cent–most since March 31, 2023—to finish at Rs 2,735. The company’s market capitalisation once again topped Rs 18.5 trillion. The all-time high on a closing basis for RIL is Rs 2,856.2 logged on April 29, 2022.

On Saturday, RIL set July 20 as the record date determining the shareholders who will be eligible to receive shares of Reliance Strategic Investments (RSIL), which will subsequently be renamed as Jio Financial Services (JFS).

The move to demerge and list separate its financial

First Published: Jul 10 2023 | 7:16 PM IST

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