The announcement has been made regarding the incorporation of two companies, “Jio BlackRock Asset Management Private Limited” and “Jio BlackRock Trustee Private Limited,” on October 28, 2024. These companies will primarily focus on mutual fund operations, pending regulatory approvals.
Jio plans to invest in the following initial subscriptions: for Jio BlackRock Asset Management Private Limited, it will acquire 8,25,00,000 equity shares at a face value of Rs. 10/- each, totaling Rs. 82.50 crore for a 50% stake; for Jio BlackRock Trustee Private Limited, it will purchase 4,00,000 equity shares at a face value of Rs. 10/- each, amounting to Rs. 40 lakh for a 50% stake.
The Ministry of Corporate Affairs confirmed the issuance of incorporation certificates for these companies via email at 8:15 p.m. on October 28, 2024. The newly formed companies will serve as joint ventures, established following the in-principle approval granted to the Company and BlackRock Financial Management Inc. to act as co-sponsors for the proposed mutual fund.