Reliance Industries To Spin Off And List Jio Financial Services

Reliance Industries Ltd. said it will spin off its financial services business and list it on the Indian exchanges.

The scheme does not involve payment of any cash consideration for the
demerger, the company said in an exchange filing. The resultant entity will be called Jio Financial Services Ltd.

The retail-to-refining company’s shareholders will receive one share of Jio Financial Services for each held in the company.

  • RIL plans to list Jio Financial Services on the stock exchanges.

  • Jio Financial will acquire liquid assets to provide adequate regulatory capital for lending to consumers, merchants.

  • It will also incubate other verticals such as insurance, payments, digital broking, asset management.

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