Mumbai: Jio Financial Services Ltd (JFS) on Tuesday said that it has raised its stake in Jio Payments Bank Ltd (JPBL) to 82.17 per cent from 78.95 per cent. The company has subscribed to 6.8 crore equity shares at a face value of Rs 10 each, for a total cash investment of Rs 68 crore.
The investment was completed on August 27, 2024, as part of the company's strategy to bolster its financial services portfolio.
The investment is a related party transaction and is on an arm's length basis. None of the company’s promoters, promoter group, or group companies have any interest in the above investment.
The increased stake in JPBL is expected to further enhance the market position of JFS as it continues to innovate and expand its range of financial services offerings.
The latest development comes a day after it was reported that Jio Financial Services has received the nod from the Department of Economic Affairs to raise its foreign investment cap to 49 per cent.
