The company said that as this transaction is between the company and its wholly owned subsidiary (WOS), it is classified as a related party transaction. The transaction was conducted on an arm’s length basis, it stated.
“None of the company’s promoters, promoter group, or other group companies have any interest in this transaction, and no governmental or regulatory approval is required for this investment,” the company said in the exchange filing.
In a separate announcement, Jio Financial Services revealed it has made an Rs 85 crore investment in Jio Payments Bank to support its business operations. Following this investment, Jio Financial Services’ stake in Jio Payments Bank will rise from 82.17% to 85.04%.
This transaction is also a related party investment, conducted on an arm’s length basis, with no involvement from the company’s promoters, promoter group, or group companies. The Reserve Bank of India has approved the investment, but no additional governmental or regulatory approvals were necessary, it said.
Earlier this month, Jio Financial Services had announced that its board approved the acquisition of 7.9 crore shares of Jio Payments Bank from State Bank of India for Rs 104.54 crore.
