Mukesh Ambani is very close to making the country’s fifth largest private financial institution. The proposal to separate Reliance Strategic Investments Limited from Reliance Industries has been passed to capture the financial services industry. Mukesh Ambani took this demerger in front of the shareholders and creditors. The matter was discussed on Tuesday and everyone approved the separation of these two companies. Now Reliance Strategic Investments Limited will be renamed as Jio Financial Services Limited.
Will become the 5th largest financier of the country
Under the demerger scheme, shareholders of RIL will be given one share of Jio Financial for each share held. According to the filing given by the company to the market, Reliance’s demerger has got 100 percent votes. According to the calculation of Centrum Broking, Jio Financial will become the fifth largest financier in the country according to its net worth. After JFSL, the number of Kotak Mahindra Bank and Bajaj Finance will come. At present, the total net worth on the market value of NBFCs has been estimated at Rs 10.84 lakh crore.
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Will rule in NBFC with the help of KV Kamath
Former ICICI Bank boss KV Kamath has joined Reliance as non-executive chairman. Their advantage will now be seen in JFSL. Jio Financial is looking to become a leader in the NBFC and FinTech space by leveraging KV Kamath’s experience. Financial Services has invested in six companies Reliance Industrial Investments and Holdings Limited, Reliance Payment Solutions, Jio Payments Bank, Reliance Retail Finance, Jio Information Aggregator Services and Reliance Retail Insurance Broking.
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Reliance shares rise
After this news, the shares of Reliance Industries are seeing a boom. At one o’clock in the afternoon, the company’s stock is trading at Rs 2436.40 with a gain of 0.69 percent i.e. Rs 16.60. Whereas today the company’s stock opened at Rs 2423.40 and went to the day’s high with Rs 2438.85 in the trading session. By the way, a day ago the company’s stock closed at Rs 2419.80. By the way, the market value of the company remains below Rs 16.50 lakh crore.