New Delhi: Jio Financial Services, an arm of Reliance Industries Ltd (RIL), is seeking shareholders' approval to raise the foreign direct investment limit in the company to 49 per cent, it said in a filing on Thursday.
Agenda of the Company for e-voting by the shareholders to approve foreign investment (including foreign portfolio investment) up to 49 per cent of the equity share capital of the company after conversion as a Core Investment Company (CIC).
This will be subject to regulatory approval, Jio Financial Services said in a regulatory filing.
The cut-off date to determine shareholders eligible to vote on the proposal was set at May 17, a regulatory filing said. It said that the e-voting facility will be available from May 24 to June 22.
The company is a systemically important non-deposit taking non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI).Apart from this, it has also sought approval for changes in the object clause of the company's memorandum of association.
As per the Consolidated FDI Policy dated October 15, 2020, foreign direct investment in a company engaged in financial services activities regulated by financial sector regulators (including RBI) is 100 per cent under the automatic route, and accordingly, no approval was required. Asked by the company, I said.
As ordered by RBI while giving its approval for change in shareholding pattern and control of the company as per the scheme, the company has submitted an application for conversion of the company from NBFC to Core Investment Company (CIC).
I said, foreign investment in CIC is allowed under the government approval route.The Board in its meeting held on December 27, 2023 has already approved foreign investment (including foreign portfolio investment) in the equity share capital of the company up to 49 per cent with effect from conversion of the company into a CIC.
Apart from this, the company also sought approval to appoint Ram Vedashre as an independent director of the company.
Agenda of the Company for e-voting by the shareholders to approve foreign investment (including foreign portfolio investment) up to 49 per cent of the equity share capital of the company after conversion as a Core Investment Company (CIC).
This will be subject to regulatory approval, Jio Financial Services said in a regulatory filing.
The cut-off date to determine shareholders eligible to vote on the proposal was set at May 17, a regulatory filing said. It said that the e-voting facility will be available from May 24 to June 22.
The company is a systemically important non-deposit taking non-banking financial company (NBFC) registered with the Reserve Bank of India (RBI).Apart from this, it has also sought approval for changes in the object clause of the company's memorandum of association.
As per the Consolidated FDI Policy dated October 15, 2020, foreign direct investment in a company engaged in financial services activities regulated by financial sector regulators (including RBI) is 100 per cent under the automatic route, and accordingly, no approval was required. Asked by the company, I said.
As ordered by RBI while giving its approval for change in shareholding pattern and control of the company as per the scheme, the company has submitted an application for conversion of the company from NBFC to Core Investment Company (CIC).
I said, foreign investment in CIC is allowed under the government approval route.The Board in its meeting held on December 27, 2023 has already approved foreign investment (including foreign portfolio investment) in the equity share capital of the company up to 49 per cent with effect from conversion of the company into a CIC.
Apart from this, the company also sought approval to appoint Ram Vedashre as an independent director of the company.
