This circular shall be effective from August 21, 2023.
The brief particulars of the Scheme of Arrangement are as mentioned below:
a) The National Company Law Tribunal, Mumbai Bench Court, vide its order dated
June 28, 2023 has approved the scheme of arrangement between Reliance Industries Limited
(“Demerged Company”) and Reliance Strategic Investments Limited (“Resulting
Company” presently known as Jio Financial Services Limited) and their respective
shareholders and creditors.
For Transfer and vesting of the Financial Service Business of Reliance Industries Limited
to Jio Financial Services Limited. Jio Financial Services Limited has issued and allotted
Equity Shares to the shareholders of Reliance Industries Limited in the following
proportion
1 (One) equity share of the Jio Financial Services Limited of face value of Rs. 10 each fully
paid up is issued for every 1 (One) equity share of Rs. 10/- each fully paid up held in the
Reliance Industries Limited”.
Prior to the Scheme, the entire pre scheme paid up share capital of Jio Financial Services
Limited comprising of 2020200 equity shares of Rs.10/- each stand cancelled upon the
scheme coming effect.
b) Appointed Date: March 31, 2023
c) Effective date: July 01, 2023
d) Date of Allotment: August 10, 2023