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Jio Financial Services is poised for a positive start on November 21, fueled by reports of its parent company, Reliance Industries group, planning its inaugural bond issue. The stock, which closed at Rs 215.5 on the National Stock Exchange (NSE) the previous day, marking a 2.4 percent decline, is now eyeing potential gains.
As per information from Reuters, Jio Financial Services is currently engaged in preliminary discussions with merchant bankers for its first-ever bond offering. The report, citing four undisclosed sources, suggests that the company is contemplating raising funds in the range of Rs 5,000 crore to Rs 10,000 crore through the issuance and might enter the market in the last quarter of the year.
Having made its debut on the BSE and NSE in August of this year, Jio Financial Services saw its stock listed at Rs 265 on the BSE and Rs 262 on the NSE. The second quarter of the fiscal year 2024 witnessed the company reporting a net profit of Rs 668 crore, marking an impressive 101 percent increase from the preceding quarter.
