Jio Financial Services Ltd (JFS) shares will be under scrutiny in Wednesday's trade after the demerged business of Reliance Industries Ltd stated that it has no plans to acquire funds through bond issuance or otherwise.
According to Reuters, Jio Financial could raise Rs 5,000-10,000 crore through the offering. According to four bankers, Jio Financial may enter the market in the March quarter, and the NBFC is in the process of obtaining its credit rating and other essential permissions.
According to Jio Financial, the news item is hypothetical. According to a filing with the 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."
On Tuesday, Jio Financial shares gained 2.02% to close at Rs 219.85. In the last month, the stock has increased by 6.41 percent. In another exchange filing, Jio Financial stated that it has submitted an application to convert the company from an NBFC to a CIC.
It was mandated by the Reserve Bank of India (RBI) when it granted its approval for a change in the shareholding pattern and control of the company as a result of the demerger of Reliance Industries Limited's Financial Services unit into the company.
Jio Financial shares went public in August of this year. The company intends to establish itself as a full-service financial services corporation that provides housing, auto, and other loans.
