Jio Financial Services demerger valued at $20 Billion: Report
Reliance Industries has successfully demerged its financial arm, Jio Financial Services (JFS), with the newly created entity valued at around $20 billion, exceeding analysts’ forecasts.
JFS’s stock price was set at 261.85 rupees during a special pre-open call auction, higher than the estimated 160 to 190 rupees. Shareholders will receive one JFS share for each Reliance share they hold.
The conglomerate’s move to expand into the financial services sector has been seen as strategic, given JFS’s non-bank financial company license.
With JFS’s access to valuable data from Reliance’s telecom and retail businesses, it is expected to embark on lending activities. The stock will be included in major Indian indices, and trading will begin upon listing, which is likely to be announced during Reliance’s upcoming annual general meeting.