Reliance Industries Limited’s shareholders and its secured and unsecured creditors have approved the demerger of the company’s financial services business, Reliance Strategic Ventures.
The financial services arm will now be renamed to Jio Financial Services Limited. Almost 100 percent of the votes were in favour of the demerger, billionaire Mukesh Ambani-led company said in a release on May 3.
Shareholders of Reliance Industries will receive one share of Jio Financial Services for every share held by them in the parent company, it said.
KV Kamath will be the non-executive chairman of the demerged entity whose shares will be listed on both BSE and the National Stock Exchange.
RIL had in October 2022 approved the demerger of the financial services arm.
At 11.34 am, RIL was trading at Rs 2,436.05 on the National Stock Exchange, up 0.66 percent from the previous close.
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