Jio Financial Share: The Securities and Exchange Board of India (SEBI) has given in-principle approval to the joint venture of Mukesh Ambani’s company Jio Financial Services and BlackRock Financial Management Inc. to enter the mutual fund business. Now investors will keep an eye on Jio Financial’s shares on Monday. For information, let us tell you that on Friday this share fell by 1.95% and closed at Rs 338.75. In October 2023 this share was at Rs 204.65. This is the stock’s 52-week low. At the same time, in April 2024 the share price went up to Rs 394.70. This is the 52-week high of the stock.
What did the company say
The company said in a statement – SEBI, through a letter dated October 3, 2024, has approved its company and BlackRock Financial Management Inc. to act as co-sponsors and set up the proposed mutual fund. SEBI will give its final approval only when Jio Financial and BlackRock fulfill the conditions. Jio’s entry into the mutual fund sector is expected to increase competition in the industry.
Joint venture was formed in September
Last September, Jio Financial Services announced that it had formed a joint venture with BlackRock Advisors Singapore Pte. Ltd. to do investment advisory business. Jio BlackRock Investment Advisors Pvt Ltd was incorporated on 6 September.
what is the purpose
Its objective is to pursue its primary business of investment advisory services. According to the company, an investment of Rs 3 crore will be made for the initial subscription of 30 lakh equity shares with face value of Rs 10 each. Let us tell you that Jio Financial Services Limited, the financial services arm separated from Reliance Industries of billionaire Mukesh Ambani, had earlier announced the formation of a joint venture with BlackRock for asset management and wealth management.
