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Mukesh Ambani's Jio Financial Services increases stake in Jio Payments Bank by...
Mukesh Ambani's Jio Financial Services has increased its stake in Jio Payments Bank by acquiring 6.8 crore shares, raising its ownership to over 82%.
Updated : Aug 27, 2024, 07:26 PM IST
 "Mukesh Ambani")
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Jio Financial Services, led by billionaire Mukesh Ambani, has recently announced a significant increase in its stake in Jio Payments Bank. As part of this move, the company has acquired 6.8 crore equity shares of Jio Payments Bank, further solidifying its position in the financial sector. Jio Financial Services, an arm of Reliance Industries, manages a diverse portfolio of financial services through its various subsidiaries, including Jio Payment Solutions, Jio Payments Bank, Jio Insurance Broking, Jio Finance, and Jio Leasing.
The latest development follows an earlier announcement by the company regarding the creation of a new subsidiary, Jio Finance Platform and Service, which was revealed on Independence Day. This new venture underscores the company's ongoing expansion and commitment to broadening its financial services offerings.
According to a recent update, Jio Financial Services has subscribed to 6,80,00,000 equity shares of Jio Payments Bank Limited (JPBL), with each share priced at Rs 10. This transaction totals Rs 68 crore, aimed at supporting the company’s business objectives. Following this investment, Jio Financial Services' stake in JPBL has risen from 78.95% to 82.17%, as detailed in an exchange filing. The company clarified that this investment is considered a related party transaction conducted at arm’s length, with no interest from the Company’s Promoter, Promoter Group, or group companies.
This investment announcement marks the third significant declaration by Jio Financial Services within a two-week period. Earlier, the company received approval from the Department of Economic Affairs, Ministry of Finance, for existing foreign investments and an increase in the aggregate limits for foreign investment to 49% of the paid-up equity share capital on a fully diluted basis.
On the stock market front, Jio Financial Services’ shares ended the trading day in the green at Rs 323.60 per share on the Bombay Stock Exchange (BSE) on Tuesday. The stock’s 52-week trading range is between Rs 204.65 and Rs 394.70, reflecting its performance over the past year.
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