The approval allows the company to increase its foreign investment limit to 49% of its total equity on a fully diluted basis, according to a filing
This move will boost participation from Foreign Portfolio Investors (FPIs) and other global investors
At the current level, foreign investors hold 17.55% of the company’s shares, out of a public float of nearly 53%
Three months after seeking shareholder approval to raise its foreign investment cap to 49%, Jio Financial Services, the nonbanking arm of Reliance Industries, has now received the nod from the Department of Economic Affairs under the Ministry of Finance.
The approval allows the company to increase its foreign investment limit to 49% of its total equity on a fully diluted basis, according to a filing.
This move will boost participation from Foreign Portfolio Investors (FPIs) and other global investors.
At the current level, foreign investors hold 17.55% of the company’s shares, out of a public float of nearly 53%.
It is pertinent to note that Jio Financial Services was demerged from its parent company in July last year to be listed on the stock exchanges in August.
Shares of Jio Financial were trading at INR 323 at 1 PM, down 1.27% from the previous closing.
The development follows the company securing approval from the Reserve Bank of India (RBI) to convert itself into a core investment company (CIC) from a non-banking financial company (NBFC).
(The story will be updated soon)
