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BlackRock Advisors Singapore Pte. Ltd. and Jio Financial Services have formed a joint venture to launch a company named Jio BlackRock Investment Advisers Private Limited on September 6 to carry out the primary investment advisory business in the country, according to a Bombay Stock Exchange (BSE) filing on Sunday, September 8.
“We would like to inform that the Company and BlackRock Advisors Singapore Pte. Ltd. have incorporated a joint venture company named “Jio BlackRock Investment Advisers Private Limited” on September 6, 2024, to carry on, inter alia, the primary business of investment advisory services subject to regulatory approvals,” said Jio Financial Services in the exchange filing.
Jio Financial Services Ltd shares closed 2.45 per cent lower at ₹336.90 after Friday’s market close, compared to ₹345.35 on the previous day.
Mukesh Ambani’s non-banking financial services (NBFC) arm, Jio Financial Services (JFS), disclosed that the company will initially invest ₹3 crore towards the initial subscription of 30 lakh shares at a face value of ₹10 per equity share.
“The Company will invest an amount of Rs. 3 crore towards initial subscription of 30,00,000 equity shares of face value Rs. 10/- each,” said JFS in the exchange filing.
According to the BSE filing, the non-banking lender also received a Certificate of Incorporation from the Ministry of Corporate Affairs (MCA) on September 7.
Jio Financial Services company updates:
The company recently appointed Deloitte Haskins & Sells as the statutory auditor for the non-banking lender. Prior to this, the company’s books were audited by C K S P and Co LLP, whose three-year tenure ended in 2024. The appointment came after the company’s board meeting, as per the exchange filing.
The NBFC also received the Department of Economic Affairs, Ministry of Finance’s approval to increase the limits of foreign investment (including FPIs) in the company to 49 per cent of the paid-up equity share capital on a fully diluted basis, according to a company filing on August 24, 2024.
Jio Financial Services’ net profit fell 6 per cent to ₹312.63 crore for the April to June quarter of the financial year 2024-25, compared to ₹332 crore in the same quarter the previous year, as per the company statements.
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