Jio Financial Services shares surge 3% post infusion of ₹190 crore in Jio Payments Bank

The company has been allotted 19,00,00,000 equity shares of ₹10 each of Jio Payments Bank Ltd, a wholly-owned subsidiary, for cash at par, aggregating Rs 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% 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.

Last week, Jio BlackRock Mutual Fund, which recently got an asset management licence from market regulator SEBI, introduced Aladdin, BlackRock's unique investment analytics and risk management platform.

Jio BlackRock Asset Management Pvt Ltd is a 50:50 joint venture between Jio Financial Services Ltd (JFSL) and US-based BlackRock.

"Investing should be simple. And it should work for you. That's the belief that brought Jio Financial Services and BlackRock together. "We've blended Jio's digital-first approach with BlackRock's global investment expertise to build solutions around what Indian investors truly need," the mutual fund company said in a post on X.

And for the first time ever, Aladdin, BlackRock's unique investment analytics and risk management platform, is now available in India, it said.