Jio Financial Services invests ₹190 crore in payments bank subsidiary

Jio Financial Services Ltd (JFSL) on Wednesday said it has infused ₹190 crore in its payments bank subsidiary. 

The company has been allotted 190,000,000 equity shares of ₹10 each of Jio Payments Bank Ltd, a wholly-owned subsidiary, for cash at par, aggregating ₹ 190 crore, JFSL said in a regulatory filing. 

The transaction is between the company and its wholly-owned subsidiary and hence a related-party transaction, it said.

"It is on an arm's length basis," the company said, adding that none of the company's promoter/promoter group/other group companies have any interest in the above transaction. 

Last week, JFSL had acquired the entire 17.8 per cent stake of State Bank of India in Jio Payments Bank Ltd for a consideration of ₹104.54 crore. 

With the stake buy, Jio Payments Bank became a wholly-owned subsidiary of JFSL.