Shares of Jio Financial Services rose over 2% to ₹309.90 on the NSE in Wednesday’s session following the company’s announcement of a fresh capital infusion into its wholly-owned subsidiary, Jio Payments Bank Limited.
In a regulatory filing, Jio Financial Services stated that it has invested ₹190 crore in the payments bank subsidiary. The company has been allotted 19 crore equity shares of ₹10 each, fully paid up, for cash at par.
This move follows Jio Financial Services’ recent acquisition of the entire 17.8% stake held by State Bank of India in Jio Payments Bank for ₹104.54 crore, making the payments bank a wholly-owned subsidiary.
The company emphasized that the latest transaction is a related-party deal but conducted on an arm’s length basis with no involvement from promoters or other group companies.
The stock traded between ₹304.10 and ₹309.80 during the day, with the company’s market capitalization now close to ₹1.97 lakh crore.
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