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on Friday announced the demerger of its financial services business into a separate entity and subsequently listing the same on the stock exchanges.
The financial services business, currently under Reliance Strategic Investments, will be demerged, and the resulting entity will be named Jio Financial Services.
The turnover of the financial services business as of March 31, 2022, was Rs 1,387 crore or 0.3% of the total turnover of RIL.
The demerger will be done through a share-swap arrangement, and no cash will be involved, RIL said in a statement. Shareholders of RIL will get one share of Jio Financial Services for every share held by them.
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