Jio Financial Services Ltd's shares rose on Tuesday after the Reliance Industries Ltd unit announced plans to boost its holding in Jio Payments Bank from 78.95 percent to 82.17 percent.
The Mumbai-based company told shareholders through an exchange filing that it subscribed to 6.8 crore shares of Jio Payments Bank Ltd (JPBL) for Rs 68 crore.
Shares of Jio Financial Services rose 0.17 percent to Rs 323.80 on the NSE, outperforming the benchmark Nifty index's 0.03 percent gain.
The development comes after it secured authorisation from the Department of Economic Affairs, Ministry of Finance, to increase its foreign investment cap to 49 percent of its total equity on a fully diluted basis.
Jio Financial Services, spun off from Reliance Industries Ltd, operates in the areas of investing and financing, insurance broking, payment bank, payment aggregator, and payment gateway services.
In May this year, the company introduced a pilot version of the 'JioFinance' app, which offers UPI, digital banking, and other related services.
In April 2024, the company announced a partnership with BlackRock Inc., a global investment management firm, to launch a wealth management and broking business.
As per data available on the BSE, the stock has delivered 52.46 percent returns in the last 365 days.
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