Jio Financial Services clarifies no plans to raise funds via bonds
Earlier, Reuters reported that Jio Financial was in early talks with merchant bankers for its maiden bond issue. The report said the company is planning to raise $600 million to $1.2 billion through the issue.
- Nov 21, 2023,
- Updated Nov 21, 2023 6:06 PM IST
Mukesh Ambani-controlled Jio Financial Services has said it is not looking at any plans to raise money by way of bond issuance or otherwise. In a regulatory filing on Tuesday, the company, which was formed by spliting Reliance Industries Limited, said: "We wish to clarify that currently, the company has no plans to raise money by way of bond issuance or otherwise. The news item is speculative," it said in a statement.
Earlier, Reuters reported that Jio Financial was in early talks with merchant bankers for its maiden bond issue. The report said the company may look to raise $600 million to $1.2 billion through the issue.
The report said that the bankers have recommended Jio Financial Services to issue shorter-term commercial papers and put bank borrowing lines in places to establish pricing. It has also been recommended that the company issue bonds not longer than five-year maturity, as per four bankers.
JFS was first listed on the National Stock Exchange and the Bombay Stock Exchange in August 2023 at a rate of Rs 262 and Rs 265, respectively. The company, which directly competes with Bajaj Finances and likes, aims to establish itself as a full-service financial services firm in auto, home loans and other products.
The company has announced a 50:50 joint venture with BlackRock for an asset management business. According to the arrangement, the two entities will make an initial investment of $150 million each.
Recently, the company got approval from the Reserve Bank of India (RBI) to appoint Isha Ambani, Anshuman Thakur, and Hitesh Sethia directors.
In Q2 FY24, the company reported a net profit of Rs 668 crore, a 101 per cent gain from the previous quarter.
JFS shares closed trading at Rs 220, up by 2.16 per cent.
Mukesh Ambani-controlled Jio Financial Services has said it is not looking at any plans to raise money by way of bond issuance or otherwise. In a regulatory filing on Tuesday, the company, which was formed by spliting Reliance Industries Limited, said: "We wish to clarify that currently, the company has no plans to raise money by way of bond issuance or otherwise. The news item is speculative," it said in a statement.
Earlier, Reuters reported that Jio Financial was in early talks with merchant bankers for its maiden bond issue. The report said the company may look to raise $600 million to $1.2 billion through the issue.
The report said that the bankers have recommended Jio Financial Services to issue shorter-term commercial papers and put bank borrowing lines in places to establish pricing. It has also been recommended that the company issue bonds not longer than five-year maturity, as per four bankers.
JFS was first listed on the National Stock Exchange and the Bombay Stock Exchange in August 2023 at a rate of Rs 262 and Rs 265, respectively. The company, which directly competes with Bajaj Finances and likes, aims to establish itself as a full-service financial services firm in auto, home loans and other products.
The company has announced a 50:50 joint venture with BlackRock for an asset management business. According to the arrangement, the two entities will make an initial investment of $150 million each.
Recently, the company got approval from the Reserve Bank of India (RBI) to appoint Isha Ambani, Anshuman Thakur, and Hitesh Sethia directors.
In Q2 FY24, the company reported a net profit of Rs 668 crore, a 101 per cent gain from the previous quarter.
JFS shares closed trading at Rs 220, up by 2.16 per cent.