Jio Financial Services to seek shareholder thumbs up 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.

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.

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.