Jio Financial Services to Divest from Reliance as a Separate Entity: – News18 Bangla
#Kolkata: Reliance Industries recently announced its split. Now, Jio Financial Services Limited or JFSL has become a new company after being spun off from Reliance. And soon this company will be listed on the stock exchange. This was announced on Friday by Mukesh Ambani, chairman of Reliance Industries, the country’s largest company. It is also reported that investors will get more shares.
The financial services business will be spun off, according to a statement. After the split, Jio Financial Services Limited or JFSL will be listed. But more importantly, Reliance investors will also get shares of JFSL, it has been reported. The company has informed that according to them, Reliance Investment and Holding Limited will be transferred to Jio Financial Services. All of this will be done under the split program.
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Post-split, Reliance shareholders will receive one JFS share for each share held in the company. Note that Reliance Financial Services business till March 31, 2022 was Tk 1,387 crore. This represented 0.3% of Reliance Industries’ total business.
5 special facts about JFSL at a glance:1. At a meeting held today, the board of directors of Reliance Industries, RIL, Reliance Strategic Investments Limited and their respective shareholders and creditors (Scheme) approved the plan, RIL said in a statement.
2. Currently, RISL is a company owned by RIL. It is a non-bank systemically important non-deposit taking financial institution registered with the RBI.
3. Reliance Industries Chairman Mukesh Ambani said in his statement that Reliance Industrial Investments and Holdings Limited is a division of Financial Services Undertaking. RIL’s investment in JFSL will be transferred.
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4. The statement further states that JFSL will provide the necessary regulatory capital to support lending to customers, merchants as well as other financial services such as insurance, payments, digital brokerage and asset management for a minimum period of business operations.
5. Mukesh Ambani, President and CEO of RIL, said: JFSL will be a truly transformative, consumer-centric and digitized financial company, delivering simple, affordable and innovative financial services products to all Indians.
Shareholders will be offered a fully paid-up equity share in JSFL with a face value of Rs 10 per fully paid-up equity share in RIL, the company said. The board also said that this entitlement ratio was taken based on the recommendations of independent experts and investment bankers.
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