Shares of Jio Financial Services declined 3% ahead of Q4 results. Joint venture with BlackRock, Inc. aims to transform India’s asset management industry. Company demerged from Reliance Industries Ltd last year.
RBI had mandated Jio Financial to undertake the conversion exercise while giving its approval for change in the shareholding pattern and control of the company pursuant to the demerger of the financial services business from Reliance Industries Limited (RIL).
Earlier, Reuters reported that Jio Financial was in early talks with merchant bankers for its maiden bond issue. The report said the company is planning to raise $600 million to $1.2 billion through the issue.