Jio Financial Services: The listing of Jio Financial Services is expected to happen on the stock exchange by October this year.
Reliance Industries Demerger: Shareholders and creditors of Reliance Industries, the country’s largest private company, have approved the demerger of Reliance Strategic Ventures, a company with financial services business. This financial company will be named Jio Financial Services Limited. 100% votes have been cast in favor of demerger. And now with this the way of listing on the stock exchange of Jio Financial Services has also been cleared.
But due to this demerger, the biggest benefit will be to the shareholders of Reliance Industries. They will be allotted one share of Jio Financial Services for every Reliance Industries share. Veteran banker KV Kamath will be the non-executive chairman of the new NTT post the demerger. Reliance Industries announced the demerger of the company related to financial services in October 2022 along with the announcement of the results. The new company will be listed on BSE and NSE.
It is being speculated that Reliance Industries may get Jio Financial Services Limited listed on the stock exchange in the month of October before Diwali. However, approval from the regulator will be required before completing this process. Brokerage houses are very excited about this demerger.
According to Jefferies, the net worth of Jio Financial Services is Rs 28,000 crore, as well as the company has a 6.1 per cent stake in Reliance Industries, which is valued at more than Rs 96,000 crore. JP Morgan had said in one of its notes that Jio Financial Services would benefit greatly from Reliance’s strength in the digital and retail sector.
After the approval of the demerger of the financial services company from Reliance Industries, Reliance’s stock has seen a great boom on Thursday. Reliance’s stock has closed at Rs 2447 with a gain of Rs 28 or 1.16 per cent.
