BENGALURU (Reuters) -India’s Reliance Industries on Friday said it would hold its much-anticipated annual general meeting of shareholders on Aug. 28, where it is expected to give details on the listing of the recently spun-out Jio Financial Services (JFS).
Last month, Reliance demerged JFS, which was valued at around $20 billion after its stock price was set at a much higher than expected 261.85 rupees ($3.19)
The demerger, which was announced last October, is seen as the oil-to-retail conglomerate’s way of expanding in the lucrative financial services sector, especially as it already has a non-bank financial company licence.
In the just-ended June quarter, Reliance reported a wider-than-expected drop in profit after weak demand and a steep fall in refining margins hurt its flagship oil-to-chemicals (O2C) business.
(Reporting by Navamya Ganesh Acharya in Bengaluru; Editing by Dhanya Ann Thoppil)
