"Please note that the Company has today subscribed to and has been allotted 17,377,412 equity shares of ?10 each of Jio Finance Limited, aggregating ?10.0024 billion," JFSL announced.

The company emphasized that the transaction falls under related-party dealings but was conducted at arm’s length, with no involvement from other Reliance promoter group entities.

On the same day, JFSL shares closed 1% higher on the Bombay Stock Exchange (BSE), reaching ?225.2 apiece.

Earlier in March, JFSL’s board approved acquiring 79 million shares of Jio Payments Bank Ltd from the State Bank of India for ?1.04 billion.

Jio Financial Services, which was demerged from Reliance Industries, operates in investing and financing, insurance broking, payment banking, and payment gateway services. In May 2024, the company launched a pilot version of the 'JioFinance' app, offering UPI and digital banking services. Additionally, in April 2024, JFSL partnered with global investment giant BlackRock to establish a wealth management and broking business.