Jio Financial Services rises on acquiring additional stake in Jio Payments Bank
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JIO Financial Services is currently trading at Rs. 327.20, up by 3.60 points or 1.11% from its previous closing of Rs. 323.60 on the BSE.
The scrip opened at Rs. 327.00 and has touched a high and low of Rs. 329.90 and Rs. 325.55 respectively. So far 512354 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 394.70 on 23-Apr-2024 and a 52 week low of Rs. 204.65 on 23-Oct-2023.
Last one week high and low of the scrip stood at Rs. 334.20 and Rs. 321.80 respectively. The current market cap of the company is Rs. 205592.28 crore.
The promoters holding in the company stood at 47.12%, while Institutions and Non-Institutions held 29.48% and 23.38% respectively.
Jio Financial Services (JFSL) has subscribed to 6,80,00,000 equity shares of Rs 10 each of Jio Payments Bank (JPBL), for cash at par, aggregating Rs 68 crore for its business purposes. Post this investment, the company’s holding in JPBL has increased from 78.95% to 82.17%. The investment is a related party transaction and is on arm’s length basis.
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).
