Shares of Jio Financial Services inched slightly higher early on Wednesday after the company announced new investments.

What Happened: Jio Financial Services said its wholly subsidiary, Jio Leasing Services (JLSL), Invested ₹67.5 crore in Reliance International Leasing IFSC (RILIL) by acquiring an 8.1% stake via cumulative optionally convertible preference shares at ₹10 per share.

The investment is intended to support the business operations of RILIL, a joint venture between JLSL and Reliance Strategic Business Ventures, a wholly owned subsidiary of Reliance Industries.

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“The investment is a related party transaction and is on arm's length basis. None of the company's promoter, promoter group and other group companies have any interest in the above investment,” Jio Financial Services added in its press statement.

Separately, the Reliance Group firm also invested an additional ₹68 crore in Jio Payments Bank, increasing its stake in the company from 78.95% to 82.17%.

Last month, the financial arm of Reliance Industries obtained the Reserve Bank of India's approval to turn itself from a non-banking financial company (NBFC) to a core investment company (CIC).

Price Action: Shares of Jio Financial Services were up 1.41% ₹328.15 on Wednesday.

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