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Mukesh Ambani’s Reliance Industries Limited can list its digital finance unit in the stock market by the end of October. According to media reports, Reliance Industries may bring the IPO of Jio Financial Services Limited by the end of October.
The business group is in talks with Indian regulators to get necessary approvals for this listing. However, Reliance Industries has not officially given any information about it yet.
Voting will be held on May 2 to create a separate unit
According to an exchange filing in March, a meeting of shareholders and creditors of Industries will be held on May 2. In this meeting, voting will be held to make Jio Financial Services Limited a separate unit.
Hitesh Sethia may join Jio as CEO in next few months
Reliance Industries Limited had appointed KV Kamat as the non-executive chairman of Jio Financial Services in November last year. If media reports are to be believed, Hitesh Sethia, one of the top executives of McLaren Strategic Ventures, may join Jio Financial Services Limited as CEO in the next few months.
Mukesh Ambani had announced last year
Last year, Mukesh Ambani had announced to make Jio Financial Services a separate unit. Announcing this, he said, ‘Jio Financial Limited will be a technology-based business, which will offer financial products digitally by taking advantage of the availability of Reliance Industries across the country.
Shareholders will get shares of Jio Financial
According to media reports, all shareholders of Reliance Industries will get one share for every share held at the time of Jio Financial’s listing on the stock market.
RIL’s net profit increased by 19% in the fourth quarter
Reliance Industries Limited (RIL) has announced the results of Q4FY23 i.e. the fourth quarter (January-March) on Friday (April 21). The company’s year-on-year (YoY) net profit in Q4 grew by 19.10% to Rs 19,299 crore. This is the company’s highest ever quarterly net profit.
At the same time, the net profit of Reliance Group’s telecom company Jio (JIO) increased by 13% on an annual (YoY) basis to Rs 4,716 crore.
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