Jio Financial shares in news as NBFC calls bond issue news speculative

Shares of Jio Financial Services Ltd (JFS) will be in focus in Wednesday’s trading after the demerged entity of Reliance Industries Ltd clarified it has no plans to raise money by way of bond issuance or otherwise.

A Reuters report had earlier suggested that Jio Financial could raise Rs 5,000-10,000 crore through the issue. Quoting four bankers, it suggested that Jio Financial might  tap the market in the March quarter, adding that the NBFC was in the process of getting its credit rating and other necessary approvals.

The news item, Jio Financial said, is speculative. In a filing to BSE, Jio Financial said: "We have always made and will continue to make disclosures in compliance with our obligations under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our agreements with the stock exchanges."

Jio Financial shares rose 2.02 per cent to close at Rs 219.85 on Tuesday. The stock is up 6.41 per cent in the last one month. In another exchange filing, Jio Financial said the company has submitted the application for conversion of the Company from NBFC to CIC. It was mandated by the Reserve Bank of India (RBI) while granting its approval for change in the shareholding pattern and control of the company pursuant to the demerger of the Financial Services business from Reliance Industries Limited into the company.

Jio Financial shares got listed in August this year. The company is looking to establish itself as a full-service financial services firm offering home, auto loans and other products.

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