Jio Financial Services Ltd. has received approval from the Reserve Bank of India to convert from a non-banking financial company to a core investment company.
The company had submitted the application for its conversion in November last year following the demerger of the financial services business from Reliance Industries, which led to the formation of the company.
According to the RBI website, a core investment company, or CIC, is an NBFC with an asset size of Rs 100 crore and above. It is also mandated that a CIC hold not less than 90% of its net assets in the form of investments in equity shares, preference shares, bonds, debentures, debt, or loans in group companies.
Reliance Industries Ltd., the parent company of Jio Financial Services will announce its earnings for the June quarter on July 19, according to exchange filing by the Mukesh Ambani-led conglomerate.
Shares of Jio Financial Services closed 0.03% higher at Rs 348.05 on Thursday, compared to a 0.03% decline in the benchmark. The stock has risen 49.14% so far in 2024.
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