On Thursday, Reliance Industries Limited’s shareholders, with its secured and unsecured creditors, permitted the demerger of the company’s financial services firm, Reliance Strategic Ventures.

The firm will now be renamed Jio Financial Services Limited. Almost 100% of the votes favoured the demerger, said billionaire Mukesh Ambani-led company.

The billionaire added that Reliance Industries shareholders would receive one share of Jio Financials for every share they hold in the parent company.

KV Kamath will be the non-executive chairman for the demerger entity whose shares will be listed as BSE and the NSE.

In October 2022, RIL approved the demerger of the financial services arm named Jio Financial Services.

At 11:34 am, RIL quoted Rs 2,436.05 on the National Stock Exchange, soaring 0.66% from the earlier close.