Lenders and shareholders of Reliance Industries Ltd (RIL) will meet on May 2 to demerge the firm's financial services business. This is expected to create a big player in segments including the NBFC (non-banking financial company) space with net worth of ₹225,851 crore as of March 2022.
According to the plan, RIL shareholders will get a share in the demerged entity for each one held in the company.
After demerger, the shares of Reliance Strategic Investments will be named Jio Financial Services, and will be listed on the National Stock Exchange and the BSE, the company said in a statement.
The meeting is being held following an order by the National Company Law Tribunal, Mumbai Bench.
This story is from the March 31, 2023 edition of Business Standard.
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This story is from the March 31, 2023 edition of Business Standard.
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