Reliance to demerge financial services arm Jio Financial Services; list it on stock exchanges
时间:2024-06-26 12:40:55 阅读(143)
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.
JFSL would be listed on the Indian stock exchanges.
RSIL is currently a wholly-owned subsidiary of RIL and an RBI-registered non-deposit-taking systemically important non-banking financial company.
“Pursuant to the scheme, shareholders of RIL will receive one equity share of JFSL of face value Rs 10 for one fully paid-up equity share of Rs 10 held in RIL,” the statement said.
Also, the investment of RIL in Reliance Industrial Investments and Holdings Limited (RIIHL), which is a part of the financial services undertaking of RIL, will stand transferred to JFSL.
Also Read: Reliance Jio net profit up 28 pc to Rs 4,518 cr for Sept quarter
JFSL will acquire liquid assets to provide adequate regulatory capital for lending to consumers and merchants, as well as incubate other financial services verticals such as insurance, payments, digital broking, and asset management for at least the next 3 years of business operations.
“The regulatory licenses for the key businesses are in place,” it said.
JFS’s structure enables it to partner with strategic or financial investors with an enhanced strategic focus to support the company’s growth drivers, the firm said.
The transaction is subject to customary statutory and regulatory approvals, including from NCLT, stock exchanges, SEBI and RBI.
Commenting on the demerger, Mukesh Ambani, Chairman and Managing Director, RIL, said: “JFS will be a truly transformational, customer-centric and digital-first financial services enterprise offering simple, affordable, innovative and intuitive financial services products to all Indians.” JFS, he said, will be a technology-led business, delivering financial products digitally by leveraging the nationwide omnichannel presence of Reliance’s consumer businesses.
“JFS is uniquely positioned to capture multiple growth opportunities in financial services bringing millions of Indians into formal financial institutions,” he said.
The Indian financial services sector presents a large, under-penetrated and growing addressable market, especially for retail and small-business-focused product categories.
上一篇:Adani Group readies Ambuja, ACC open offers after SEBI nod
下一篇:‘All that is in past now’- Ayodhya case litigant showers petals during PM Modi’s roadshow in Ayodhya
猜你喜欢
- SGX Nifty up- Nifty, Bank Nifty support, resistance, technical view, stocks under F&O ban; key things in focus
- Share Market Highlight- Markets close higher! Nifty trades above 21,600, Sensex above 71,650; Media and Metal stocks gain
- Shamsuddin Jasani departs as CEO of Wunderman Thompson South Asia
- Adani Group stocks continue to bleed
- 10clubhomes appoints Kavitha Rao as co-founder and COO
- SGX Nifty falls- Nifty & Bank Nifty technical view, DreamFolks IPO, global markets; key things to know
- SGX Nifty suggests weak opening on F&O options expiry; 5 things to know before opening bell
- 4 Adani group stocks that are still in a free fall since Hindenburg report release
- Google settles USD 5 billion privacy lawsuit over tracking people using ‘incognito mode’