Reliance Share News: Why did Reliance shares soar? | Jagran Business- Watch Video

Reliance Industries, the most valuable company in India, saw its shares rise over 5% to Rs 2,343 in Friday's BSE trading after the company called a meeting of creditors and shareholders to start the process of demerging its financial services division.

On May 2, 2023, Reliance Industries' creditors and shareholders will meet to discuss and accept the proposed plan of arrangement between Reliance Industries and Reliance Strategic Investments (RSIL). Reliance Strategic Investments will become Jio Financial Services following the demerger. 

For each share of Reliance Industries they own, shareholders will receive one share of the newly formed firm. Reliance Industries, led by Mukesh Ambani, announced last year that its financial services division would be demerged into a separate company and listed on stock exchanges. A share-swap agreement will be used to accomplish the demerger. For each share of RIL they own, shareholders will receive one share of Jio Financial Services.