Jio Financial Listing Update: Reliance Industries can get its digital financial services company Jio Financial Services Limited listed in the month of October before Diwali. Reliance Industries is in talks with regulators for necessary approvals to list Jio Financial on the stock exchange.
Before this, there is a meeting of shareholders and lenders of Reliance Industries next week on May 2, 2023, in which the demerger of Jio Financial Services will be approved. Voting will be held for demerger on May 2, after which Jio Financial Company will be separated from parent company Reliance Industries. Shareholders of Reliance Industries will be given one share of Jio Financial Services for every one share held. With the completion of the demerger process, the process of getting Jio Financial listed on the Indian stock exchanges BSE and NSE will begin.
If an investor invests in the shares of Reliance Industries, the largest private sector company, then the stock can give a return of 33 per cent to the investors from the current level. Foreign brokerage house Jefferies has said these things in its report. Brokerage houses are extremely bullish on this demerger. Jefferies believes that by September 2023, Jio Financial Services may be listed on the stock exchange. According to Jefferies, the net worth of Jio Financial Services is Rs 28,000 crore, along with the company’s 6.1 per cent stake in Reliance Industries, which is valued at Rs 96,000 crore.
Macquarie Research had said in its report that Jio Financial Services could become the fifth largest financial services company in the country. JP Morgan had said in one of its notes that Jio Financial Services would benefit greatly from Reliance’s strength in the digital and retail sector.
In the last trading session before the shareholders’ meeting regarding the demerger, Reliance Industries’ stock has seen a strong rally. Reliance’s stock closed at Rs 2420 with a gain of 1.83 per cent or Rs 43.45.
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