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Reliance Industries Demerger Plans: If you have shares of the country’s largest private company Reliance Industries in your portfolio, then there is great news for you. In the new financial year, on 2 May 2023, Reliance Industries has called an important meeting of its lenders and shareholders and in this meeting the demerger of the company’s financial services business will be approved. The company will demerge its financial services business under the name of Jio Financial Services Company and get it listed on the stock exchange.
The company has given this information in the regulatory filing with the stock exchanges. While declaring the quarterly results on October 21, 2022, the company had said that the shareholders of Reliance Industries would be given one share of Jio Financial Services for each Reliance share. Jio Financial Services shares will be listed on BSE and National Stock Exchange. The board of Reliance Industries has approved the demerger. And after the demerger of financial services company Reliance Strategic Events Limited (RSIL), the company will be listed on the stock exchange with the new name Jio Financial Services. Presently RSIL is a subsidiary of Reliance Industries and is a Non Deposit NBFC (Non Banking Finance Company).
Many brokerage houses are very bullish regarding Jio Financial Services Limited. Macquarie Research had said in its report that Jio Financial Services could become the fifth largest financial services company in the country. Right now HDFC Bank, State Bank of India, ICICI Bank and Axis Bank are the four big financial companies in the country. According to Macquarie Research, Jio Financial Services Limited has full potential to expand its balance sheet. The report claimed that Jio Financial Services can emerge as a big player in the payment business. Jio Financial Services will foray into asset management with insurance, payments, digital broking, for which the company has a regulatory license.
JP Morgan had said in one of its notes that Jio Financial Services will get tremendous benefit from Reliance’s strength in the digital and retail sector. On the basis of digital lending services, Jio Financial Services is aiming to become a leading financial technology company.
On Wednesday, Reliance Industries shares closed at Rs 2234.70, down 0.59 per cent. Due to the fall in the market, Reliance’s stock has fallen by more than 20 percent in recent times.
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