Jio Financial raises stake in Jio Payments Bank to 82.17% for Rs 68 crore

Jio Financial Services (JFS) has increased its stake in Jio Payments Bank to 82.17 percent for Rs 68 crore, as per an exchange filing.

The company subscribed to 6.8 crore equity shares of Jio Payments Bank for its business purposes.

The company’s holding increased to 82.17 percent from 78.95 percent post the investment. This transaction was executed on an arm's length basis and is classified as a related-party transaction.

As per the exchange filing, “The Company has subscribed to 6,80,00,000 equity shares of Rs 10 each of Jio Payments Bank Limited (JPBL), for cash at par, aggregating Rs 68 crore for its business purposes. Post this investment, the Company’s holding in JPBL has increased from 78.95 percent to 82.17 percent.”

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The company received approval from the Reserve Bank of India (RBI) before the investment and does not require any other approvals, it added.

Recently, JFS received approval from the Department of Economic Affairs to raise its foreign investment limit (including FPIs) in the company to 49 percent of its total equity on a fully diluted basis.

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