Foreign investors currently hold a 17.55 percent stake in the company, out of a total of nearly 53 percent of publicly traded shares, bourse data showed.
Jio, the non-banking company of Reliance Industries Ltd.was spun off from its parent company in July 2023.
The first quarter results published this year showed that its consolidation net profit fell 6% year-on-year to Rs 313 crore in the quarter ended June from Rs 332 crore a year ago, mainly due to a fall in interest income and amid a surge in operations bills.
Interest income fell 20% to Rs 162 crore in June from Rs 202 crore a year ago, while expenses rose to Rs 79 crore from Rs 54 crore a year ago, mainly because staff expenses rose more than threefold to Rs 39 crore in June 2024.
In an investor presentation accompanying its first-quarter results, Jio Financial said it had launched loans against mutual funds and digital insurance for cars and two-wheelers in July. The company has a tie-up with 31 insurance companies. The company also launched its ship leasing business by leasing its first ship under Reliance International Leasing IFSC Ltd (RILIL) in a joint venture with group company Reliance Strategic Business Ventures Ltd based in GIFT City, Gujarat. The company will also finance solar panels and IT equipment and has received approval to expand its business correspondent (BC) network to 16,000 outlets. The company said its asset management joint venture with BlackRock is progressing with infrastructure and technology platforms in advanced stages of development.
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