Reliance shareholders will get Jio Financial Services share, demerger will be announced soon!

Jio Financial Listing Update: There has been news of relief for Reliance Industries in the direction of listing on the stock exchange of Jio Financial Services Limited. NCLT has approved the demerger of digital financial services company Jio Financial Services Limited from Reliance Industries.

In the Annual General Meeting (AGM) of Reliance Industries, Chairman Mukesh Ambani can present the roadmap for listing on the stock exchange of Jio Financial Services. Although the date of the AGM has not been announced yet. But it is expected that this meeting can be held in the month of August. There are speculations in the market that Mukesh Ambani may soon announce the allotment and listing of shares of Reliance Strategic Investment, later the name of the company will be changed to Jio Financial Services.

The stock of Reliance Industries is witnessing a boom as the time of demerger is nearing and getting approval from the regulators. The stock closed at Rs 2633 at the close of the market on Friday, but in the last three months the stock has given a return of 12.50 per cent to the investors. Brokerage houses are extremely bullish on Reliance stock. JP Morgan has advised investors to buy the stock with a target of Rs 2960.

Shareholders of Reliance Industries will be given one share of Jio Financial Services for every one share held. With the completion of the demerger process, the process of getting Jio Financial listed on the Indian stock exchanges BSE and NSE will begin. If we look at the estimates of brokerage houses regarding the share of Jio Financial Services, JP Morgan believes that the share price can be Rs 189. Jefferies has estimated Rs 179 and Centrum Broking Rs 157-190.

According to Jefferies, the net worth of Jio Financial Services is Rs 28,000 crore, along with the company’s 6.1 per cent stake in Reliance Industries, which is valued at Rs 96,000 crore. JP Morgan had said in one of its notes that Jio Financial Services would greatly benefit from Reliance’s strength in the digital and retail sector. Macquarie Research had said in its report that Jio Financial Services could become the fifth largest financial services company in the country.

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