Abhitesh
Jio Financial Services is in the early stages of talks with bankers to secure its first bond issue, which means it is likely to reach a major milestone. Through its first bond offer, the financial company hopes to raise between 5 and 10 billion rupees.
A news source called Reuters said that Jio Financial Services might issue its first bonds between January and March 2024. The money will likely be raised through five-year bonds, the news source said.
The National Stock Exchange (NSE) opened higher on November 21 for Mukesh Amabi’s business after news of its first bond release hit the news. On November 20, the stock sold at ₹215.5 on the NSE. At 9:20 a.m. today, it was worth ₹217.60.
Four people told Reuters that Jio Financial Services was in early talks with bankers and that the company “may tap the market in the last quarter of the financial year.” The company has not yet replied to the story, though.
In August 2023, JFS stock was first listed on the National Stock Exchange and the Bombay Stock Exchange. It was priced at ₹262 and ₹265 per share. Even though the company made a net profit of ₹668 crore in Q2 FY24, the stock price has been slowly going down over the last three months.
Jio Financial Services-RIL demerger
Jio Financial Services chose to break away from Reliance Industries Limited in order to become a full-service financial sector player. After it was split up, JFS and BlackRock announced they would work together on an asset management business for 50/50.
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According to the rules of the partnership, each side will put in USD 150 million at the start. To add Isha Ambani, Anshuman Thakur, and Hitesh Sethia to the board of directors of JFS, the company also got permission from the Reserve Bank of India (RBI).
