2024-08-18 13:34:40
New Delhi: Reliance Industries Chairman and Asia’s richest man Mukesh Ambani has started another new company. The name of this company is Jio Finance Platform and Service Limited. It is a subsidiary of Jio Financial Services Limited. Reliance Industries, the country’s largest company, announced the formation of this company through its NBFC division on August 15. This will give the company an opportunity to enter the stock broking and wealth management industry. It is said that Jio Financial Services Limited has taken an important step in expanding its financial services portfolio with the formation of a new subsidiary Jio Finance Platform and Service Limited. The Certificate of Incorporation was issued by the Ministry of Corporate Affairs on August 15 regarding this company. According to the company’s filing, the promoter, promoter group and group companies have no stake in this transaction. Also, it does not involve any related party transaction.
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What is the company’s plan?
The announcement marks the company’s intention to further expand its presence in the financial product distribution space. The move is in line with Jio Financial’s ongoing efforts to make inroads into the stock broking and wealth management industry. The company will be headquartered in Mumbai. Jio Financial Services has made an initial investment of Rs 1 lakh for subscription of 10,000 equity shares, each priced at Rs 10.
This is the status of Jio Financial Services shares
Jio Financial Services is a company listed in the stock market. Yesterday, i.e. on Friday, the shares of this company rose by 2.40%. Currently, the price of one share is Rs 327.90. In the last 6 months, the company has given a profit of 19.67 percent to the shareholders. In one year, this profit is about 32 percent. The market cap of the company is Rs 2.08 lakh crore.
There was news of shutting down some channels
Recently, news came that Reliance Industries’ media company Viacom18 may shut down some of its Hindi and regional language channels. According to sources, Walt Disney and Reliance Industries have offered to shut down Star India and Viacom18’s Hindi and regional channels to get the approval of the Competition Commission of India for their merger proposal. Apart from this, it is planning to shut down channels in Kannada, Marathi and Bengali language markets.