Jio Financial Services has greenlit a substantial capital infusion, approving a Rs 15,825-crore preferential issue of warrants to two key promoter entities — Sikka Ports & Terminals and Jamnagar Utilities & PowerPower, the company informed the exchanges on Wednesday. A decision to this effect was taken at the board meeting on Wednesday
Preferential issue
Each warrant, priced at Rs 316.50, is convertible into one equity share, carrying a face value of Rs 10 and a premium of Rs 306.50.
The strategic move is poised to significantly bolster promoters’ stake in the company, raising their combined post-issue holding to over 10% from the pre-issue 3.1%, assuming full conversion.
Details
The warrants are exercisable within 18 months, with any unconverted units lapsing and the upfront payment forfeited. The board’s decision is subject to shareholder and regulatory approvals.