Mukesh Ambani's Rs 1,50,000 crore move likely to make 36 lakh people richer, expected share price to be...

Asia's richest man Mukesh Ambani is planning to list Jio Financial Services on the stock exchanges in September. Reliance has already received the NCLT nod to demerge the company from the parent group. The move is expected to provide gains to the company's 36 lakh shareholders.

This demerger and subsequent listing will create India' fifth largest non-banking finance company in terms of capital. It will compete with Paytm and Bajaj Finance.

According to global brokering giant JPMorgan, Jio Financial's share price is expected to be Rs 189. Two other companies have pegged the estimated price at Rs 179 and Rs 157-190.

The Reliance Strategic Investments will be renamed JSFL. The announcement is expected in July or August.

The roadmap for the company will be highlighted by the billionaire in the annual general meeting whose date is unknown as of now.

Those who hold Reliance Industry Limited's shares will also get the shares of Jio Financial. The number of allotted shares will be equal to the share holdings of the parent company.

The net worth of Bajaj Finance is Rs 44000 crore. The net worth of Jio Financial will be Rs 1,50,000 crore, reported ET. An expert said the real net worth will be Rs 1,50,000 crore minus Rs 1,10,000 crore of Reliance's net worth.  

The upcoming company has investments in -- Reliance Industrial Investments and Holdings (RIIHL), Reliance Payment Solutions, Jio Payments Bank, Reliance Retail Finance, Jio Information Aggregator Services and Reliance Retail Insurance Broking, reported ET.