Jio Financial Services Ltd has announced a fresh investment in Jio BlackRock Asset Management Private Limited, its 50:50 joint venture with global investment firm BlackRock.
Both partners have subscribed to and been allotted 6.3 crore equity shares each, with a face value of Rs 10 per share, amounting to Rs 63 crore per entity. The investment was executed at par value and completed at 1:16 p.m.
The capital infusion will be used to support the joint venture’s business operations as it gears up to expand its footprint in the asset management space.
The transaction is classified as a related party transaction but has been carried out on an arm's length basis. The company confirmed that none of its promoters, promoter group, or other group entities have any interest in the deal. Furthermore, no regulatory or governmental approvals were required for the investment.