Jio Financial Services moves up on incorporating wholly owned subsidiary
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JIO Financial Services is currently trading at Rs. 322.90, up by 2.85 points or 0.89% from its previous closing of Rs. 320.05 on the BSE.
The scrip opened at Rs. 324.00 and has touched a high and low of Rs. 325.50 and Rs. 322.45 respectively. So far 106061 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 394.70 on 23-Apr-2024 and a 52 week low of Rs. 204.65 on 23-Oct-2023.
Last one week high and low of the scrip stood at Rs. 336.55 and Rs. 319.10 respectively. The current market cap of the company is Rs. 203336.86 crore.
The promoters holding in the company stood at 47.12%, while Institutions and Non-Institutions held 29.48% and 23.38% respectively.
Jio Financial Services has incorporated a wholly owned subsidiary named Jio Finance Platform and Service 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.
The certificate of incorporation was received from the Ministry of Corporate Affairs, on August 15, 2024. The said transaction does not fall within related party transactions. The Promoter, Promoter Group and group companies are not interested in the above transaction. No governmental or regulatory approvals were required for the above incorporation.
Jio Financial Services (JFSL) operates its financial services business through its consumer facing subsidiaries namely Jio Finance (JFL), Jio Insurance Broking (JIBL) and Jio Payment Solutions (JPSL) and joint venture namely Jio Payments Bank (JPBL).
