RIL rallies as Mukesh Ambani-led conglomerate takes next step to demerge financial services subsidiary

Nomura says Reliance Industries Ltd is progressing towards the listing of Jio Financial Services, which is expected in the coming months. It also foresees the oil-to-telecom conglomerate laying down a strong roadmap for growth in financials sector in the coming AGM

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The shares of Reliance Industries Ltd (RIL) rallied 3.5 percent in the morning trade on March 31 after the company said secured creditors, unsecured creditors and shareholders would meet on May 2 to approve the proposed demerger of Reliance Strategic Ventures.

After the approval, the unit, which is the financial services subsidiary of the oil-to-telecom conglomerate, would be renamed Jio Financial Services.

Benefits that shall accrue on the demerger of the financial services business will be the creation of an independent company focusing exclusively on financial services and exploring opportunities in the sector, the independent company can attract different sets of investors, strategic partners, lenders and other stakeholders having a specific interest in the financial services business, a financial services company can have a higher leverage (as compared to the Demerged Company) for its growth and, unlocking the value of the demerged undertaking for the shareholders of the demerged company, the conglomerate said in an exchange filing.

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RIL was progressing towards the listing of Jio Financial Services, which is expected to happen in the coming months, Nomura said. It expects the oil-to-telecom conglomerate to lay down a strong roadmap for growth in the financials sector in the coming AGM.

Macquarie is of the view that Jio Financial Services would be valued at more than Rs 1.52 lakh crore and become the fifth largest financial services firm in India, a report said.

At 10.23 am, RIL shares were trading 3.2 percent higher at Rs 2,306.75 on the BSE.

Nomura has a “buy” call on the stock, with a target price of Rs 2,850, which implies an upside of 23.5 percent from the current market price.

The recent decline in the share price was underpinned by the index-related selloff but the outlook across the company’s businesses remains strong, the brokerage firm said.

Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

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