Jio Financial Services seeks RBI approval to convert as CIC from NBFC

According to the central bank, a CIC is a company whose assets are broadly invested in their group companies either in the form of equity, preference shares, convertible bonds or loans

Jio Financial Services has submitted an application to the Reserve Bank of India (RBI) for converting the company into a core investment company (CIC) from a non-banking financial company (NBFC), the firm informed the exchanges.

According to the exchange notification, "This is to inform that as mandated by the Reserve Bank of India (while granting 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 into the Company), the company has submitted the application for conversion of the company from NBFC to CIC."
 

 

According to the central bank, CIC is a company whose assets are broadly invested in their group companies either in the form of equity, preference shares, or convertibles bonds or loans.
 

Further, in a separate exchange filing, the company also refuted reports of fundraising plans through bond issuance.
 

"With reference to the above, we wish to clarify that currently, the company has no plans to raise money by way of bond issuance or otherwise. The news item is speculative," the company said.
 

"We have always made and will continue to make disclosures in compliance with our obligations under Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015, and our agreements with the stock exchanges," the filing added.
 

Recently, the company got an approval from the RBI to appoint Isha Ambani, Anshuman Thakur, and Hitesh Sethia as directors of the company.