Reliance Industries' financial arm gets Reserve Bank of India's nod to convert the former to a Core Investment Company (CIC). Jio Financial services is currently a Non-Banking Financial Company (NBFC) and was demerged from Mukesh Ambani's Reliance conglomerate last year.
The central bank gave permission to the company to change its shareholding pattern and at the same time mandated it to apply for conversion status. Following this the company applied to the for its status conversion from a NBFC to CIC in November 2023.
"Further to the disclosure dated November 21, 2023, the Company has today received from the Reserve Bank of India approval for conversion of the Company from Non-Banking Financial Company to Core Investment Company," the regulatory filing stated.
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On Friday, the shares of Jio Financial Services Ltd concluded the day at Rs 350 price level, up by 0.79 per cent on the National Stock Exchange.
The conglomerate's financial arm got listed on the bourses last year, in the month of August. Since its debut on the D-street, the share prices of the firm has increased by more than 40 per cent on NSE.
Earlier this week, Jio Financial Services said that its Group Chief Operating Officer Charanjit Attra has resigned from the firm consequent to his appointment as the managing director and CEO of Jio Leasing Services Ltd.
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Jio Leasing Services is a wholly-owned subsidiary of the company.
Attra had tendered his resignation with effect from the close of business hours of July 8, 2024, Jio Financial Services said in a regulatory filing.
(With inputs from agencies.)
