Jio Finance, Allianz Europe invest ₹320 cr each in JV Jio Allianz General Insurance
The aggregate investment by Jio Finance in the JV to date is ₹375 crore
Jio Finance and Allianz Europe BV have each invested ₹320.05 crore in a joint venture named Jio Allianz General Insurance Ltd through a rights issue, according to a recent statement from Jio Financial Services. The investment was made via a rights issue, where the two companies subscribed to and were allotted 32,00,50,000 equity shares of ₹10 each for cash at par, totaling ₹320.05 crore.
The investment is being utilized to fund the business operations of the joint venture, which is a 50:50 partnership between Jio Finance and Allianz Europe B.V.
To date, Jio Finance has invested a total of ₹375 crore in the joint venture. The company's CEO confirmed that the investment is a related party transaction carried out on an arm's length basis, with no involvement from any of the company's promoters, promoter groups, or other group companies. The shares of Jio Financial Services were last traded at ₹216.60 on the BSE, marking a 0.60% decrease.
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