Jio Financial Services and BlackRock Advisors Singapore have formed a joint venture company, Jio BlackRock Investment Advisers Private Limited, to undertake investment advisory business, the company said through a stock exchange filing on September 8.
The joint venture was incorporated on September 6, 2024, and will focus on providing investment advisory services, subject to receiving regulatory approvals, it said.
The company will invest Rs 3 crore towards an initial subscription of 3,000,000 equity shares of face value ₹10 each, it said. The Certificate of Incorporation was received from the Ministry of Corporate Affairs on September 7, 2024, it added.
Jio Financial Services has recently received approval from the Department of Economic Affairs to increase its aggregate limit of foreign investment (including FPIs) to 49% of the paid-up equity share capital on a fully diluted basis. Foreign investors currently hold a 17.55% stake in the company out of the close to 53% public float of shares, exchange data showed.
