Jio Financial Services Denies Reports Of Maiden Bond Issue Plans

Jio Financial Services Ltd. has denied news reports that the company is planning its maiden bond issue.

The company has no plans to raise money by way of bond issuance or otherwise, and the news circulated is "speculative", it said in its exchange filing on Tuesday.

Several media reports claimed that the financial services arm of Reliance Industries Ltd. is planning to raise Rs 5,000 crore to Rs 10,000 crore and is in early talks with merchant bankers for the issue.

Earlier this month, Reliance Industries raised Rs 20,000 crore by selling a 10-year bond at a 7.79% coupon rate.

Shares of Jio Financial Services rose as much as 3.5% on Tuesday amid media reports that the company will issue bonds. It pared gains to close 2.18% higher at Rs 220.2 apiece, as compared with a 0.45% advance in the benchmark NSE Nifty 50.