RSIL is currently a wholly-owned subsidiary of RIL and is a Reserve Bank of India-registered non-deposit taking systemically important (ND-SI) non-banking financial company.
The board of Reliance Industries on Friday approved a plan to demerge and list its financial services undertaking into Reliance Strategic Investment (RSIL) — to be renamed as Jio Financial Services (JFS).
Shareholders of RIL will receive one equity share of JFS of face value Rs 10 for one fully paid-up equity share of Rs 10 held in RIL.
“JFS will be a truly transformational, customer-centric, and digital-first financial services enterprise offering simple, affordable, innovative and intuitive financial services products to all Indians,” RIL Chairman and Managing Director Mukesh Ambani said.
First Published: Oct 21 2022 | 9:49 PM IST