Jio Financial Services Limited increases stake in Jio Payments Bank Ltd

Jio Financial Services Limited currently holds 76.98% in the paid-up equity share capital of Jio Payments Bank Limited ("JPBL"), a joint venture of the Company and State Bank of India.

The Company has subscribed to 40,00,000 equity shares of Rs.10/- each of JPBL, for cash at par, aggregating Rs. 4 crore for its business purposes. Post completion of the transaction, the Company's holding in JPBL will increase to 77.25%. The investment is a related party transaction and is on arm's length basis. None of the Company's Promoter, Promoter Group and group companies have any interest in the above investment.

No governmental or regulatory approvals were required for the above investment.

Shares of Jio Financial Services Limited was last trading in BSE at Rs. 353.80 as compared to the previous close of Rs. 350.45. The total number of shares traded during the day was 1090347 in over 12574 trades.

The stock hit an intraday high of Rs. 357.50 and intraday low of 350.50. The net turnover during the day was Rs. 385562352.00.

Source : Equity Bulls

Keywords

JioFinancialServices INE758E01017 NBFC StakeIncrease JioPaymentsBank