Reliance To Demerge Fin Services Arm 'Jio Financial Services'; List It On Exchanges
NDTV
Reliance shareholders will be issued one equity share of Jio Financial Services Ltd (JFSL) for every share they hold in the company.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday said it will demerge its financial services arm and list it on the stock exchanges.
In a statement, the firm said Reliance shareholders will be issued one equity share of Jio Financial Services Ltd (JFSL) for every share they hold in the company.
JFSL plans to launch consumer and merchant lending business while continuing to evaluate organic growth, joint-venture partnerships as well as inorganic opportunities in insurance, asset management and digital broking segments, it said.
"The Board of Directors of Reliance Industries Ltd (RIL), at its meeting held today (Friday), approved a Scheme of Arrangement amongst RIL, Reliance Strategic Investments Limited (RSIL) and their respective shareholders and creditors in terms of which, RIL will demerge its financial services undertaking into RSIL (to be renamed Jio Financial Services Limited or JFSL)," it said.
