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RIL Shareholders, Creditors Give Nod For Financial Services Arm Demerger
RIL had in October 2022 approved the demerger of the financial services arm of its group
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Reliance Strategic Ventures, the company's financial services division, has been demerged with the approval of Reliance Industries shareholders and secured and unsecured creditors.
Now referred to as Jio Financial Services, the financial services division will change its name. According to a 3 May press release from the Mukesh Ambani-led company, almost all votes cast were in favour of the demerger.
According to the statement, Reliance Industries shareholders would receive one share of Jio Financial Services for each share they already own in the parent company.
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.
It may be recalled that RIL had in October 2022 approved the demerger of the financial services arm of its group.