The move was announced with the subsidiary named Jio Finance Platform and Service Limited, based in Mumbai.
Mukesh Ambani is the richest person in the country with a massive net worth of Rs 958923 crore. On the occasion of India's 78th Independence Day, billionaire Mukesh Ambani's Jio Financial Services has announced the formation of a new subsidiary. The largest company in the nation, Reliance Industries, announced on Thursday the formation of a wholly-owned subsidiary through its NBFC division.
The most recent announcement was made about two weeks after Reliance Industries stated in its annual report that clients would be able to purchase stocks, bonds, mutual funds, and other securities with the help of professional financial advice and thorough market research through its proposed broking services. Initially, the investment for the subsidiary is Rs 1 lakh, covering the subscription of 10,000 equity shares at a face value of Rs 10 each.
On August 15, 2024, the Ministry of Corporate Affairs issued the new subsidiary's Certificate of Incorporation. The promoter, promoter group, and group companies do not have any stake in this transaction, as per the company's filing, and it does not include any related party transactions. Furthermore, the incorporation did not require any approval from the government or other regulatory bodies.
As per the company's filing on the exchange, "We would like to inform that the Company has incorporated a wholly owned subsidiary named Jio Finance Platform and Service Limited on August 14, 2024, having its registered office at Mumbai, to carry on, inter alia, the business of distribution of financial products and allied services. The Company will invest an amount of Rs. 1 Lakh towards initial subscription of 10,000 equity shares of face value Rs. 10/- each."
This statement comes after Jio Financial Services established a joint venture with BlackRock in April intending to advance India's asset management industry through a digital-first strategy and increase Indian investors' access to investment options.
The shares of Jio Financial were up 2.45% from the previous trading session day to Rs 328.05 at the time of filing. The share's 52-week high is Rs 394.70, and its low is Rs 202.80.
The shares have given returns of 20.06 percent in the last 6 months, according to the BSE analytics.
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