Mukesh Ambani's Jio Financial Services (JFS) has increased its stake in Jio Payments Bank, boosting its shareholding to 82.17% by investing Rs 68 crore, according to a regulatory filing. The company acquired 6.8 crore equity shares of Jio Payments Bank as part of this investment.
This new acquisition raises JFS's ownership in Jio Payments Bank from 78.95% to 82.17%. The transaction was conducted on an arm's length basis and is categorised as a related-party transaction.
As stated in the filing, "At approximately 1:30 p.m. (IST) today, the company subscribed to 6,80,00,000 equity shares of Rs 10 each of Jio Payments Bank Limited (JPBL), amounting to Rs 68 crore for business purposes. Following this investment, the company’s stake in JPBL has increased from 78.95% to 82.17%."
The filing also confirmed that none of JFS's promoters, promoter group, or affiliated companies are involved in the investment. Additionally, the company secured approval from the Reserve Bank of India (RBI) for this transaction, with no further permissions required.
As of June 2024, foreign investors held a 17.55% stake in JFS.
