Ambanis to raise ₹15,825cr via warrants in Jio Financial
Jio Financial Services is raising a huge ₹15,825 crore by issuing 50 crore convertible warrants to its promoters, mainly the Ambani family.
Each warrant costs ₹316.50 and can be swapped for a share, bumping up the promoter stake from 47.12% to 54.19%.
Other promoters will also see their stakes jump
Sikka Ports & Terminals and Jamnagar Utilities will see their stakes in Jio Financial jump too—going from just over 1% and 2% to nearly 5% each if they convert all their warrants.
Any unused warrants simply expire.
Jio Financial's business and recent quarterly performance
Spun off from Reliance Industries, Jio Financial covers everything from investing and lending to insurance broking and payment services.
For April-June this year, it posted a net profit of ₹325 crore on ₹619 crore revenue.
Funding to fuel Jio Financial's growth
Jio Financial recently took full control of Jio Payments Bank. This fresh funding is set to fuel more big steps in finance, insurance, and beyond.