Jio Financial Services Ltd. (JFS) has recently raised its stake in Jio Payments Bank Ltd. (JPBL) from 78.95% to 82.17%. The company subscribed to 6.8 crore shares of JPBL, amounting to an investment of Rs 68 crore.
The strategic investment follows JFS’s recent approval from the Department of Economic Affairs, Ministry of Finance, to increase its foreign investment cap to 49% of its total equity on a fully diluted basis.
JFS, a subsidiary of Reliance Industries Ltd., operates in various sectors, including investing and financing, insurance broking, payment banking, and payment gateway services. Earlier this year, in May, the company launched a pilot version of the JioFinance app, which offers UPI, digital banking, and other financial services.
JFS confirmed that none of its promoters, promoter group, or associated companies have any vested interest in the investment. The company received necessary approvals from the Reserve Bank of India (RBI) and does not require further clearances.
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This latest move underscores JFS’s continued expansion and strengthening of its financial services portfolio, aligning with its long-term growth strategy.
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