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Jio Financial Services increased its stake in Jio Payments Bank to 82.17% with a ₹68 crore investment. The move enhances JFS's market position, following regulatory approvals and aims to strengthen its financial services portfolio..
Jio Financial Services Limited (JFS) has increased its stake in Jio Payments Bank Limited (JPBL) to 82.17%, reflecting its strategic focus on expanding its financial services portfolio.
The company invested ₹68 crore by subscribing to 6.8 crore equity shares at a face value of ₹10 each. The transaction was completed on August 27, 2024, and was conducted on an arm's length basis as a related-party transaction.
The increased stake in JPBL is a clear indication of JFS's commitment to reinforcing its position in the financial sector. This strategic investment is expected to enhance JFS's market presence as the company continues to innovate and expand its range of financial offerings.
Importantly, none of the company's promoters, promoter group, or group companies have any direct interest in this investment.
Before making this investment, JFS secured the necessary approvals from the Reserve Bank of India (RBI), ensuring full regulatory compliance. The move further solidifies JFS's standing in the financial industry as it looks to broaden its portfolio and market reach.
This stake increase follows a recent milestone where JFS received authorization from the Department of Economic Affairs within the Ministry of Finance to raise its foreign investment cap to 49% of its total equity on a fully diluted basis.
This move is anticipated to attract more participation from foreign portfolio investors (FPIs) and other global investors, adding to the company’s growth momentum. Currently, foreign investors hold 17.55% of JFS shares.
Further, in May 2024, JFS launched the 'JioFinance' app to revolutionise daily finances and digital banking, focusing on a user-friendly and accessible platform.
In April 2024, the company announced a partnership with BlackRock Inc., a global investment management firm, to launch a wealth management and broking business. This collaboration is expected to further diversify JFS's offerings in the financial services sector.
On the stock market front, Jio Finance’s share price closed almost flat on Tuesday at ₹323.80, marking a slight gain of 0.17%. However, the stock has delivered a 53.35% return over the past 12 months.
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This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.
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