Jio Financial will seek shareholders' approval...
During the Thursday, May 23, 2024 trading session, there was an abrupt and significant increase in the value of jio Financial services Limited's shares. The share saw a 5 percent gain to Rs 376. The stock increased dramatically as soon as the company disclosed in its exchange filing that it will ask shareholders for permission to accept up to 49% foreign investment through equity, including foreign portfolio investment.
Jio Financial services disclosed to the stock exchange in a regulatory filing that the business will raise capital through international investments, including foreign portfolio assets. Up to 49% of this will come from equity raises. The business will seek shareholder permission before accepting foreign investment through stock up to 49% of the business.
The shares of jio Financial increased by 5.13 percent to Rs 376 as soon as this news was released. At present, the stock is up 2.80 percent, trading at Rs 368. Owned by mukesh Ambani, jio Financial is a financial firm inside the reliance Group.
Following its demerger from reliance Industries, this financial company was listed on the stock exchange. On august 21, 2023, the stock was listed on the BSE and NSE. In 2024, this stock offered its investors substantial gains. In 2024, the stock had increased by 58%. jio Financial services now has a market valuation of Rs 2.33 lakh crore. In order to join the wealth management and brokerage market, jio Financial and BlackRock, an asset management company, announced a partnership in april 2024. In this joint venture, each company has a fifty percent ownership. Prior to this, jio Financial services and BlackRock had a deal to enter the asset management market, involving a $150 million investment from each company.
click and follow Indiaherald WhatsApp channel