NEW ENTITY TO BE LISTED ON A LATER DATE
RELIANCE INDUSTRIES (RIL) has initiated the process to demerge its financial services business into Reliance Strategic Investments (RSIL) and rechristen it to Jio Financial Services (JFSL).
The company has convened a meeting of creditors and shareholders on May 2 to seek their approvals, pursuant to the National Company Law Tribunal’s (Mumbai bench) March 27 order, for the spin-off. The voting will commence on April 27 and end on May 1, RIL said in a regulatory update.
RIL’s board had approved the demerger in November 2022. At present, RSIL is a wholly-owned subsidiary of RIL and is an RBI-registered non-deposit-taking systemically important non-banking financial company.
According to the contours of the deal, RIL will issue one share of the demerged company with a value of â¹10 each for every one share they hold in RIL. The appointed date for the demerger is March 31, 2023. Upon the scheme becoming effective, the name of the demerged firm will be changed to JFSL and the new firm will be listed on the Indian bourses.
KV Kamath, former MD and CEO of ICICI Bank, was named non-executive chairman of JFS.
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