Jio Financial Ups Stake In Jio Payments Bank With Rs 68 Crore Investment

Jio Financial Services Ltd. announced on Tuesday that it has subscribed to an additional 6.8 crore equity shares of Jio Payments Bank Ltd. for Rs 68 crore. After this investment, the company's holding in the payments bank unit increased to 82.17% from 78.95%, according to an exchange filing.

The company subscribed to 6.8 equity shares of Rs 10 each of Jio Payments Bank Ltd. for cash at par, aggregating Rs 68 crore for its business purposes.

The investment is a related party transaction and is on an arm's length basis. None of the company’s promoter, promoter group, or group companies have any interest in the above investment.

Shares of Jio Financial Services Ltd. closed 0.12% higher at Rs 323.60 per share, compared to a 0.02% advance in the BSE Sensex.