Shares of Jio Financial that were already upbeat on Thursday received a further boost after reports surfaced about the company raising its stake in Jio Payments Bank.
What Happened: Jio Financial has purchased 40 lakh equity shares of JPBL at ₹10 apiece, amounting to a total of ₹4 crore in cash. Upon completion of this acquisition, Jio Financial’s ownership in JPBL will increase to 77.25%. Jio Financial held a 76.98% stake in Jio Payments Bank (JPBL), a joint venture between Jio Financial and the State Bank of India.
The company also announced that its subsidiary Jio Leasing Services and its nominees have made an initial investment of ₹2.50 crore in newly incorporated Reliance International Leasing IFSC Ltd (RILIL).
Incorporated on February 1, RILIL is a 50:50 joint venture between Jio Leasing and Reliance Strategic Business Ventures Ltd, an arm of Reliance Industries.
Jio Financial’s share price has been on a great run since the start of the year. On a year-to-date basis, the stock has gone up over 50%.
Price Action: Jio Financial’s share price was up 0.97% to trade at ₹354.10 in the late hours of trading on Thursday.
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