Jio Financial Services to seek shareholder nod for foreign investments through equity

Jio Financial Services Ltd was seeking the company’s members approval through a remote electronic voting process for foreign investments (including foreign portfolio investments) up to 49% of the company’s paid-up equity share capital (post conversion as core investment company), Jio Financial said in an exchange filing.

The notification for the postal ballot said that the following resolution will be considered and passed as a special resolution.

The e-voting period will begin at 9:00 IST on Friday, May 24, 2024, and conclude at 17:00 IST on Saturday, June 22, 2024, according to information provided by the firm in an exchange filing.

The resolutions, if approved, shall be deemed to have been passed on the last date of e-voting i.e., Saturday, June 22, the company said.

To enable electronic voting for all of its members, the company has chosen KFin Technologies Limited as Registrar and Transfer Agent.

Also Read: Jio Financial Services shares spike 5% after company announces JV with BlackRock

Due to an improvement in income, Jio Financial Services reported on April 19 that its consolidated net profit for the fourth quarter that ended in March 2024 increased by 6% to ₹311 crore.

After its demerger from Reliance Industries, the financial services business declared a profit of ₹294 crore for the December quarter.

Jio Financial Services stated in a regulatory filing that the company’s consolidated net profit jumped multi-folds, from ₹31 crore in the previous fiscal year to ₹1,605 crore in FY24.

Also Read: Jio Financial Services Q4 results: Net profit jumps 6% QoQ to ₹310.6 crore, net interest income at ₹280.7 crore

Its revenue improved marginally to ₹418 crore from ₹414 crore in the December quarter, as per reports.

Jio Financial Services is a company that offers payment gateway services, insurance broking, bank and payment aggregator services, and investing and financing.

At 14:25 IST, Jio Financial Services share price were trading over 2.5% on BSE. Rajesh Bhosale, an Equity Technical and Derivative Analyst at Angel One, stated that after a recent correction, prices seem to have resumed their primary uptrend. We are seeing strong price traction with a good increase in volume. Also, RSI has given a fresh buy signal with its signal line. We expect prices to retest 400 levels and 345 levels to act as immediate support.

Also Read: Bajaj Finance vs Jio Financial: Which stock should you buy after Q4 results?

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