India’s Reliance to demerge, list financial services business
A gardener works next to a board of Reliance Industries Ltd at Gandhinagar in Gujarat, India, January 19, 2016. India's oil-to-telecoms conglomerate Reliance Industries Ltd posted a 39 percent rise in third-quarter net profit, beating analysts' estimates, bolstered by the highest refining margin in seven years. REUTERS/Amit Dave
Reliance Industries announced on Friday that it will demerge its financial services division and list it on Indian stock exchanges as Jio Financial Services.
Reliance shareholders will get get one share of Jio Financial Services for one share held in Reliance, the conglomerate led by billionaire Mukesh Ambani said in an exchange filing.