Reliance: Reliance Strategic Investments renamed as Jio Financial Services, effective June 25.

Reliance Industries Limited has renamed its unit Reliance Strategic Investments as Jio Financial Services. The company gave this information on Wednesday. Mukesh Ambani-led RIL said in a notice to the stock market, “It is informed that in terms of Clause 20 of the approved scheme under the order dated June 28, 2023 by the Mumbai bench of NCLT and the Registrar of Companies , Mumbai, as per the Certificate of Incorporation dated July 25, 2023, the name of the company has been changed from Reliance Strategic Investments Limited to ‘Jio Financial Services Limited’.”

On Wednesday, RIL shares were trading at Rs 2,526.00, up by Rs 40.20 (1.62%) on the BSE. RIL recently demerged its financial services arm Jio Financial Services. All the shareholders of Reliance will get shares of Jio Financial Services in the ratio of 1:1. Shares of Jio Financial Services (ZFS), after its demerger from Reliance Industries, were priced at a higher-than-expected Rs 261.85, valuing it at nearly $20 billion.

Its separation from RIL was announced in October last year. This decision was said to be a step taken by Reliance Industries, which has business ranging from oil to retail, to expand into the lucrative financial services sector. The company already holds the license of Non-Banking Financial Company.