Business Update27 Aug 2024, 09:33 pm
Jio Financial Services Invests Rs. 68 Crore in Jio Payments Bank, Holding Increases to 82.17%
AI Summary
Jio Financial Services Ltd. has invested Rs. 68 crore in Jio Payments Bank Limited (JPBL) by subscribing to 6,80,00,000 equity shares at par. This investment is a related party transaction, made on an arm's length basis. Post this investment, the company's holding in JPBL has increased from 78.95% to 82.17%. The investment was made for business purposes and has received necessary approvals from the Reserve Bank of India.
Key Highlights
- Jio Financial Services invests Rs. 68 crore in Jio Payments Bank Limited
- Company's holding in JPBL increases from 78.95% to 82.17%
- Investment is a related party transaction on arm's length basis
- No other promoters or group companies have interest in the investment
- Reserve Bank of India approval obtained for the investment