Jio Financial seeks shareholder nod for foreign investments via equity

Jio Financial Services in a stock exchange filing said that it is seeking shareholder approval to attract foreign investments, including foreign portfolio investments, upto 49% through equity.
Shares of Jio Financial Services Ltd., the financial services arm of Nifty 50 heavyweight Reliance Industries Ltd., are trading with gains of 5% on Thursday.
The company in a stock exchange filing said that it is seeking shareholder approval to attract foreign investments, including foreign portfolio investments, upto 49% through equity.
The Mukesh Ambani-owned company had reported a 6% sequential growth in consolidated net profit at ?311 crore for the quarter ended March 2024. The same was ?294 crore in the preceding December quarter.

The company's consolidated revenue from operations was flat at ?418 crore as against ?414 crore in the previous quarter.

Earlier in April, Jio Financial announced that it signed an agreement with the asset management firm BlackRock, Inc for the launch of their wealth management and broking business.

The joint venture could potentially strengthen the JFSL relationship with BlackRock, Inc., with whom it had announced a 50:50 joint venture in July 2023 to transform India’s asset management industry through a digital-first offering and democratize access to investment solutions for investors in India.

The newly formed JV may compete with bank-led wealth management firms and firms like BNP Paribas Wealth Management, 360 One, Nuvama, and Avendus, among others.

Jio Financial Services made its stock market debut in August last year with a market capitalisation of over ?1.5 lakh crore. Since then, the stock has crossed the ?2.30 lakh crore market capitalisation mark in today's session.

At 2 pm, the scrip was trading 2.96% higher at ?368.25 apiece on the NSE. Jio shares have risen nearly 60% so far this year.