Jio Financial Services (JFS), the financial arm of Indian conglomerate Reliance Industries, is set to be listed on the stock exchanges on August 21, per a stock exchange circular on Friday.
Billionaire Mukesh Ambani’s Reliance hadlast monthspun off JFS, with the market ascribing a valuation of around $20 billion. Ambani has said Jio Financial Services aims to provide simple, affordable and innovative digital first solutions.
In July, JFS and U.S.-based BlackRocksaidthey would form an equal joint venture to launch asset management services in India.Reliance’s shares reversed losses to trade 1.3% higher as of 2:16 p.m. IST, while the benchmark Nifty 50 index was flat.