Jio Financial Services has sought shareholder approval for foreign investments of up to 49% through the equity route.
The e-voting period for shareholders will start on Friday and end on June 22. Public shareholders own a 52.88% stake in the company, while promoters own the remaining 47.12%. According to data from the exchanges, mutual funds own a 4.7% stake, and foreign investors own 19.45%.
Other issues up for voting include the appointment of Rama Vedashree as independent director; alteration of the objects clause of the memorandum of association of the company; and material related party transactions of subsidiaries.
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The company’s stock rose 5.1% during intra-day trade on Thursday following the disclosure, before closing 2.9% higher at Rs 367.85 on BSE.
Jio Financial Services is a subsidiary of Reliance Industries. The company’s consolidated net profit rose to Rs 311 crore in the March quarter from Rs 294 crore a quarter ago. Total income rose to Rs 418 crore in the quarter under review from Rs 414 crore in the December quarter.
In April, Jio Financial Services announced it has signed an agreement with US-based Blackrock to launch a wealth management and broking business.
From: financialexpress
Financial News
