Jio Financial Services Seeks To Raise Foreign Stake To Up To 49%

Share via:


SUMMARY

Through e-voting, Jio Financial also wants shareholders’ approval to incorporate entities for asset management, financial product distribution, insurance, broking, and asset reconstruction

The fintech company said in a postal ballot notice to shareholders that it has also submitted an application to the Reserve Bank of India to convert into a core investment company from an NBFC

Its board had on December 27, 2023, approved foreign investments (including foreign portfolio investments) of up to 49% of its paid-up equity share capital effective upon its conversion into a CIC

Fintech company Jio Financial Services has sought shareholders’ approval to raise the limit of foreign investment in its equity capital up to 49%. JFS is also seeking the shareholder nod for conversion into a core investment company, which would allow it to raise funds via the government approval route.

Through e-voting, the company also wants shareholders’ approval to incorporate entities for asset management, financial product distribution, insurance, broking, and asset reconstruction, it said in a stock exchange filing.

The e-voting facility will be available from May 24 to June 22.

Jio Financial said it has also submitted an application to the Reserve Bank of India to convert into a core investment company (CIC) from an NBFC. Foreign investment in a CIC is permitted under the government approval route.

The JFS board had, on December 27, 2023, approved foreign investments (including foreign portfolio investments) of up to 49% of its paid-up equity share capital effective upon its conversion into a CIC.

Jio Financial Services posted almost a 6% rise in its consolidated net profit to INR 311 Cr in Q4 of FY24 from INR 294 Cr reported in the previous December quarter. The company’s operating revenue saw a marginal increase to INR 418 Cr in the reported quarter compared from INR 414 Cr in Q3 FY24.

JFS’ increased profit was largely driven by an increase in share of profit of associates and joint ventures and lower tax expenses. The company is yet to launch operations in a major way though it has signed deals and made announcements about its various verticals.

In April 2024, Jio Financial signed a joint venture agreement with the US-based investment giant BlackRock to launch wealth management and broking businesses. It is pertinent to note that last year the companies formed a JV to enter the Indian asset management space with an initial investment of $300 Mn.

JFS listed on the bourses in August 2023 after demerging from Reliance Industries Ltd.





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

Jio Financial Services Seeks To Raise Foreign Stake To Up To 49%


SUMMARY

Through e-voting, Jio Financial also wants shareholders’ approval to incorporate entities for asset management, financial product distribution, insurance, broking, and asset reconstruction

The fintech company said in a postal ballot notice to shareholders that it has also submitted an application to the Reserve Bank of India to convert into a core investment company from an NBFC

Its board had on December 27, 2023, approved foreign investments (including foreign portfolio investments) of up to 49% of its paid-up equity share capital effective upon its conversion into a CIC

Fintech company Jio Financial Services has sought shareholders’ approval to raise the limit of foreign investment in its equity capital up to 49%. JFS is also seeking the shareholder nod for conversion into a core investment company, which would allow it to raise funds via the government approval route.

Through e-voting, the company also wants shareholders’ approval to incorporate entities for asset management, financial product distribution, insurance, broking, and asset reconstruction, it said in a stock exchange filing.

The e-voting facility will be available from May 24 to June 22.

Jio Financial said it has also submitted an application to the Reserve Bank of India to convert into a core investment company (CIC) from an NBFC. Foreign investment in a CIC is permitted under the government approval route.

The JFS board had, on December 27, 2023, approved foreign investments (including foreign portfolio investments) of up to 49% of its paid-up equity share capital effective upon its conversion into a CIC.

Jio Financial Services posted almost a 6% rise in its consolidated net profit to INR 311 Cr in Q4 of FY24 from INR 294 Cr reported in the previous December quarter. The company’s operating revenue saw a marginal increase to INR 418 Cr in the reported quarter compared from INR 414 Cr in Q3 FY24.

JFS’ increased profit was largely driven by an increase in share of profit of associates and joint ventures and lower tax expenses. The company is yet to launch operations in a major way though it has signed deals and made announcements about its various verticals.

In April 2024, Jio Financial signed a joint venture agreement with the US-based investment giant BlackRock to launch wealth management and broking businesses. It is pertinent to note that last year the companies formed a JV to enter the Indian asset management space with an initial investment of $300 Mn.

JFS listed on the bourses in August 2023 after demerging from Reliance Industries Ltd.





Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at office@startupnews.fyi

More like this

Ather Energy Converts Into A Public Entity As IPO...

SUMMARY Ather Energy’s board passed a resolution last week,...

Redefining Comfort of your Underwear with Kearo

Surat’s very own Kearo, a direct-to-consumer innerwear brand, took...

Lords Mark Industries Ltd in collaboration with Government of...

Lords Mark Industries Ltd, a leading manufacturer of IVD...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!