Jio Financial Services Ltd. has received approval from India’s Department of Economic Affairs, Ministry of Finance, to increase its foreign investment limit to 49% of the company’s total equity on a fully diluted basis. The approval, granted on August 19, 2024, covers both existing foreign investments and new foreign portfolio investments (FPIs).
In addition, Jio Financial Services recently established a wholly-owned subsidiary, Jio Finance Platform and Service Limited, on August 14, 2024. Based in Mumbai, the subsidiary will focus on distributing financial products and offering related services. The company has made an initial investment of Rs 1 lakh for 10,000 equity shares with a face value of Rs 10 each.
Shares of Jio Financial Services closed at Rs 327.05 on Friday, with a 52-week high of Rs 394.70 and a low of Rs 202.80. The stock has delivered a 43.98% return over the past year, according to BSE analytics.
