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Jio Financial to raise ₹15,825 cr from promoters via warrant issue
The funds will be raised through the issuance of 50 crore warrants priced at Rs 316.50 each, convertible into one equity share of face value Rs 10 at a premium of Rs 306.50, the company said in a stock exchange filing today. This will be one of the largest fund raises in the Indian financial services sector in recent times.
As per a company statement, the warrants will be allotted to two promoter group entities — Sikka Ports & Terminals Ltd and Jamnagar Utilities & Power Pvt Ltd — subject to shareholder and regulatory approvals. Upon full conversion, the promoter group's combined stake will rise by 10.17 per cent. The Ambani family–owned promoter entities currently hold a 47 per cent stake in the company.
Jio Financial Services shares closed flat at Rs 320 a share on Wednesday.
Among the promoter entities, Sikka Ports & Terminals will increase its holding from 1.08 per cent to 4.65 per cent, while Jamnagar Utilities & Power will move from 2.02 per cent to 5.52 per cent after the conversion, the statement said.
The warrants are convertible into fully paid-up shares within 18 months from the date of allotment. Unconverted warrants will lapse, and any amount paid on them will be forfeited, the statement added.
A source said Jio Financial, which was demerged from Reliance Industries in July 2023, is actively scaling its presence in lending, insurance and asset management. The new round of funding from the promoters would be used mainly to enter the insurance sector.
On July 19, Jio Financial Services entered a 50:50 reinsurance joint venture agreement with Munich-based Allianz Group through its wholly owned subsidiary, Allianz Europe BV. The company also signed a non-binding agreement with the Allianz Group to form additional joint ventures in India's life and general insurance sectors.
Several financial services companies are raising funds from investors and promoters in recent months. Earlier this month, Adar Poonawalla's promoter entity approved a Rs 1,500 crore infusion into Poonawalla Fincorp, boosting its net worth to around Rs 9,700 crore and supporting its retail expansion strategy. Tata Capital, the unlisted financial services arm of Tata Sons, is also planning a $2 billion initial public offering before September to fund its growth in the fast-expanding Indian financial services market.
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