Jio Financial Services infuses Rs 190 crore in Jio Payments Bank
The company has been allotted 19,00,00,000 equity shares of Rs 10 each of Jio Payments Bank
Jio Financial Services has infused Rs 190 crore in its wholly owned subsidiary -- Jio Payments Bank. The company has been allotted 19,00,00,000 equity shares of Rs 10 each of Jio Payments Bank, for cash at par, aggregating Rs 190 crore.
The transaction is between the Company and its wholly owned subsidiary and hence a related party transaction. It is on an arm's length basis. None of the Company’s promoter / promoter group / other group companies have any interest in the above transaction.
Jio Financial Services (JFSL) operates its financial services business through its consumer facing subsidiaries namely Jio Finance (JFL), Jio Insurance Broking (JIBL) and Jio Payment Solutions (JPSL) and joint venture namely Jio Payments Bank (JPBL).
