Jio Financial, BlackRock boost investment in joint ventures

Jio Financial Services (JFS) and BlackRock have deepened their partnership by jointly subscribing to additional equity shares in two joint ventures. In Jio BlackRock Investment Advisers Private Limited, a 50:50 JV, both companies subscribed to 93,500,000 equity shares each at INR 10 per share, totaling INR 93.50 crore on a rights issue basis. This investment will fund the JV's business operations.

Separately, JFS and BlackRock each subscribed to 136,000,000 equity shares, also at INR 10 per share, in Jio BlackRock Asset Management Private Limited, a 50:50 JV. This amounted to a total of INR 136 crore on a rights issue basis to support that JV's business operations.

Both investments are related party transactions conducted on an arm's length basis, with no interest from JFS's promoter group. No governmental or regulatory approval was required for either transaction.