Shares of Mukesh Ambani’s Jio Financial Services were gaining on Thursday as the firm seeks shareholder approval to allow a major foreign equity infusion into the firm, which was spun out of Reliance Industries.

What Happened: Jio Financial said in an exchange filing on Thursday that it was seeking approval from shareholders for a foreign investment of up to 49% of the firm’s share capital.

The company did not disclose which foreign entities were being considered for an equity infusion into the young financial services firm.

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It was reported in July 2023 that Jio Financial plans to venture into the stockbroking and wealth management business through an equal joint venture with U.S. investment major BlackRock. 

Jio Financial plans to offer a wide range of services ranging from insurance to UPI-related services, according to the company’s website — though the company’s plans are likely still in a nascent stage.

Price Action: Jio Financial’s share price climbed 2.88% to ₹367.95 in late afternoon trade on Thursday.

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