Reliance Strategic Investments will allot one fully paid-up equity share of RSIL of face value of Rs 10 each, for every one share of Reliance Industries as of the record date.
Hitesh Kumar Sethi Appointed MD & CEO; Isha Ambani, Anshuman Thakur Appointed As Non-Executive Directors
Reliance Industries Ltd (RIL) has fixed July 20 as the record date to determine the equity shareholders who are entitled to receive shares of Reliance Strategic Investments.
Under the scheme of arrangement, Reliance Strategic Investments will allot one fully paid-up equity share of RSIL of face value of Rs 10 each, for every one share of Reliance Industries as of the record date. RSIL will then be renamed as Jio Financial Services (JFSL).
“In accordance with the terms of the Scheme, Thursday, July 20, 2023 has been fixed as the Record Date for the purpose of determining the equity shareholders of the Company entitled to receive the Resulting Company New Equity Shares,” the company said in a BSE filing on Saturday.
According to the filing, the company has also approved the appointment of Hitesh Kumar Sethi as the managing director and chief executive officer (MD & CEO) of RSIL for 3 years. The appointment is subject to the approval of company members and RBI, among other approvals as may be required.
The company has also appointed former Union Home Secretary Rajiv Mehrishi as additional director on the board of RSIL. Mehrishi was also the 13th Comptroller and Auditor General of India. Sunil Mehta, former MD and CEO of Punjab National Bank, has also been appointed as an additional director on the board.
Moreover, Isha Ambani and Anshuman Thakur have been appointed as non-executive directors, according to the BSE filing.
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