Reliance Strategic Will Soon Be Listed As Jio Financial Services Limited (JFSL)
The National Company Law Tribunal (NCLT) has approved the demerger of Reliance Strategic Investments Limited (RSIL) from Reliance Strategic Investments Limited (RSIL).
RIL in a disclosure informed people, “We wish to inform you that the National Company Law Tribunal, Mumbai Bench (NCLT), vide its order dated June 28, 2023, has sanctioned the scheme.”
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#CNBCTV18Market | JFS demerger approval from NCLT comes through, expect details at AGM, as earnings remain strong, believe improving news flow should drive stock higher: JPMorgan On Reliance pic.twitter.com/CD17AV6uOl
— CNBC-TV18 (@CNBCTV18Live) July 7, 2023
RIL has planned to demerge its financial services Reliance Strategic Investments Limited (RSIL) and list it as Jio Financial Services Limited (JFSL). RIL along with RSIL will work together to plan the demerger, fix record date for allotment and listing of equity shares of Reliance Strategic Investments Limited (RSIL).
CNBC-TV18 Stocks Board | #Reliance in focus as #NCLT approves demerger of financial services unit which will be renamed & listed as Jio Financial Services. Macquarie believes it will become the 5th largest fin svcs co in India. @kothariabhishek with details pic.twitter.com/l80LaevQ1Q
— CNBC-TV18 (@CNBCTV18News) July 7, 2023
Though no timeline has been given by Reliance on this, it is expected to come up with a decision soon, some analysts expect it to list by October. The share of RIL was also seen in the green with an upward movement on Friday.
RELIANCE: NCLT HAS SANCTIONED SCHEME W/ RELIANCE STRATEGIC pic.twitter.com/kvcrK9gEsP
— Kishor Ostwal CNI RESEARCH (@KISHOROSTWAL) July 6, 2023
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Once the demerger comes into effect and RSIL is listed as a separate entity, it will become the fifth-largest financial service company by net worth, noted Macquarie in a report. This will also help the companies attract different set of investors and forge more strategic partnerships and stakeholders.
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