Mukesh Ambani, chairman, Reliance Industries
Currently, JFS, which has floated three joint ventures with Germany major Allianz for foraying into Reinsurance, Life and General Insurance business, operates its financial services business through consumer-facing entities, including Jio Credit Ltd., Jio Insurance Broking Ltd., Jio Payment Solutions Ltd., Jio Leasing Services Ltd., Jio Finance Platform and Service Ltd. and Jio Payments Bank Ltd.
Mumbai: Jio Financial Services(JFS) board on Wednesday approved fund infusion of Rs 15,825 crore through preferential issue of convertible warrants to members of the promoter group.
Jio Financial promoters, including the Ambani family and different group holding entities, together own 47.12 per cent of the company.
Post preferential issuance, promoter group holding would go up to 54.19 per cent.
The board in its meeting on Wednesday approved raising of funds through issuance of up to 50 crore warrants for cash at a price of Rs 316.50 per unit.
Each warrant convertible into one fully paid-up equity share of the company of face value of Rs 10 each at a premium of Rs 306.50 each aggregating up to Rs 15,825 crore by way of preferential issue on a private placement basis to the two promoter entities, it said.
Post issue, Sikka Ports & Terminals Ltd holding in the company would increase from 1.08 per cent to 4.65 per cent while Jamnagar Utilities and Power Private Ltd holding would more than double from 2.02 per cent to 5.52 per cent, it said.
JFS, which has floated three joint ventures with Germany major Allianz for foraying into , Reinsurance, Life and General Insurance business, currently operates its financial services business through consumer-facing entities, including Jio Credit Ltd., Jio Insurance Broking Ltd., Jio Payment Solutions Ltd., Jio Leasing Services Ltd., Jio Finance Platform and Service Ltd. and Jio Payments Bank Ltd.
JFSL has also entered into a joint venture with BlackRock, the world’s largest asset manager, to offer asset management, wealth management and broking services in India.
Through the JioFinance app, JFSL provides a range of services including loans, savings accounts, UPI bill payments, recharges, digital insurance, financial tracking and management tools and more