Reliance Industries to hold 46th AGM on August 28

Mukesh Ambani-led Reliance Industries Ltd said on Friday that its 46th Annual General Meeting will be held on August 28, 2023, where it is expected to give details on the listing of the recently demerged Jio Financial Services (JFS).

"This is to inform that the Forty-sixth Annual General Meeting (Post-lPO) ("AGM") of the Members of the Company wilI be held on Monday, August 28, 2023 at 2:00 p.m. (IST) through Video Conferencing ("VC") / Other Audio-Visual Means," said RIL in a stock exchange filing. 

RIL also said that the company has fixed Monday, August 21, 2023 as:

(a) the "Cut-off Date" for the purpose of determining the Members eligible to vote on the resolutions set out in the Notice of the AGM and to attend the AGM;

(b) the "Record Date" for the purpose of determining the Members eligible to receive dividend for the financial year 2022-23. The dividend, if declared at the AGM, will be paid within a week from the conclusion of the AGM. 

On Friday, RIL's scrip on BSE closed trading 1.3% higher at Rs 2,508.

Last month, Reliance demerged JFS, which was valued at around $20 billion after its stock price was set at a much higher than expected Rs 261.85.

The demerger, which was announced last October, is seen as the oil-to-retail conglomerate's way of expanding in the lucrative financial services sector, especially as it already has a non-bank financial company licence.

In the just-ended June quarter, Reliance reported a wider-than-expected drop in profit after weak demand and a steep fall in refining margins hurt its flagship oil-to-chemicals (O2C) business.