Another company of Mukesh Ambani, the country’s second richest billionaire and chairman of Reliance Industries, will be listed in the stock market. The name of this company will be Jio Financial Services. At present Mukesh Ambani’s Reliance Industries Limited is listed in the stock market and it is the largest company in the country in terms of market capital.
What Reliance said: Releasing the September quarter results, Reliance Industries said that it will demerge its financial services arm and list it on the stock exchanges under the name Jio Financial Services. According to the company, Reliance Investment and Holding Limited will be transferred to Jio Financial Services. All this will happen under the de-merger scheme.
What shareholders will get: After the de-merger, the shareholders of Reliance will be given one share of Jio Financial Services (JFS) for each share of the company. The business of Reliance Financial Services was Rs 1,387 crore as of March 31, 2022. This was 0.3% of the total business of Reliance Industries.
Sluggish September quarter results: Reliance Industries’ net profit stood at Rs 13,656 crore in the September quarter of the current financial year. Due to this, the company had earned a net profit of Rs 13,680 crore in the same quarter of the previous financial year 2021-22. At the same time, there has been a decrease of 24 percent in Reliance’s net profit compared to the previous quarter.
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