India’s Reliance Industries to hold AGM on Aug. 28

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)