Jio Financial Services has sought shareholders’ approval to raise foreign investments (including foreign portfolio investments), amounting up to 49 per cent of the equity share capital.
Through e-voting, the company also wants shareholders’ approval to incorporate entities for asset management, financial product distribution, insurance, broking, and asset reconstruction.
The financial services company has already announced its plans for entry into multiple businesses. It has formed separate joint ventures with US’ BlackRock for asset management and wealth management and broking businesses.
The asset management JV applied for a mutual fund license in October last year. The company has also announced its plans to foray into the insurance sector, potentially in a partnership with a global player.
The businesses mentioned in the disclosure also include offshore funds, retail and institutional distribution of mutual funds and other financial products including bonds, portfolio management services, investment advisory, and asset reconstruction.
Jio Financial’s shares ended the session up 2.9 per cent after paring some of the gains.
The e-voting, scheduled for May 24, will also be on the appointment of Rama Vedashree as an independent director of the company.
The financial services firm was de-merged from Reliance Industries in July 2023.
The company reported a 5.8 per cent year-on-year rise to Rs 311 crore for the March quarter (Q4FY24).
For FY24, the consolidated net profit rose to Rs 1,605 crore from Rs 31 crore for FY23, primarily due to an increase in income and an increase in the share of net profit from the associates.
The share is up over 60 per cent in the past year.
In November 2023, the company said it had no plans to raise money via bond issuances. This was in response to media reports that said the company was looking to raise up to Rs 10,000 crore through the maiden bond issue.
First Published: May 23 2024 | 8:52 PM IST
