The corporate has been allotted 19,00,00,000 fairness shares of Rs 10 every of Jio Funds Financial institution Ltd, a wholly-owned subsidiary, for money at par, aggregating Rs 190 crore, JFSL stated in a regulatory submitting.
The transaction is between the corporate and its wholly-owned subsidiary and therefore a related-party transaction, it stated.
“It’s on an arm’s size foundation,” the corporate stated, including that not one of the firm’s promoter/promoter group/different group firms have any curiosity within the above transaction.
Final week, JFSL had acquired all the 17.8 per cent stake of State Financial institution of India in Jio Funds Financial institution Ltd for a consideration of Rs 104.54 crore.
With the stake purchase, Jio Funds Financial institution turned a wholly-owned subsidiary of JFSL.
