Isha Ambani, ex CAG Rajiv Mehrishi appointed directors on Jio Financial Services

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Reliance Industries Ltd, the company said on 8 July. Earlier, Reliance announced its plans to demerge its financial services undertaking into Reliance Strategic Investments Limited (RSIL) and rename and list it as Jio Financial Services Limited (JFSL).

Based on proprietary data analytics, the financial arm of Reliance will lend to consumers and merchants and eventually branch out to insurance, payments, digital broking, and asset management. As per the details, every Reliance shareholder will get one share of the new firm for every share held in the parent.

The effective date of the demerger has been fixed as 1 July, the firm has fixed 20 July as the record day for allocating shares of the new company, according to the company's stock exchange filing. ALSO READ: RIL fixes July 20 as record date for equity shares allotment, listing of Reliance Strategic Investments JFSL will complement Reliance's consumer businesses which would include India's largest wireless operator with about 428 million users and a top retail chain with over 17,000 stores.

"In accordance with provisions of the (demerger) Scheme, Reliance Strategic Investments Limited (RSIL) shall issue and allot one fully paid-up equity share of RSIL having face value of ₹10 each for every one fully paid-up equity share of ₹10 each of the company to the shareholders of the company whose names are recorded in the register of members and/or records of the depository as on the record date," the firm said in a stock exchange filing. At a meeting held on 7 July, the board of directors of the new company approved Isha Mukesh Ambani as a non-executive director, while Reliance executive Anshuman Thakur too has been appointed as a non-executive director.