Jio Financial Services, which was carved out of Reliance Industries, currently has no plans to raise money by way of bond issuance or otherwise, the company said in a regulatory filing on Tuesday, November 21.

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"We wish to clarify that currently, the company has no plans to raise money by way of bond issuance or otherwise. The news item is speculative," it said in a statement.

Jio Financial was said to be in early talks with merchant bankers for its maiden bond issue, according to a Reuters report.

The report, citing four sources, said the company may look to raise ₹5,000 crore to ₹10,000 crore through the issue and may tap the market in the last quarter of this financial year.

Jio Financial was in the process of getting approvals and a credit rating, the report added.

Mukesh Ambani’s financial services venture plans to establish itself as a full-service financial services firm in a rapidly growing market, including auto, home loans and other products, competing with the likes of Bajaj Finance.

The company has doubled its net profit during the second quarter this financial year (Q2FY24) to ₹668 crore from ₹331.92 crore in Q1FY24, led by healthy growth in revenue.

Jio Financial Services was listed at ₹265 on the BSE and ₹262 on the NSE in August 2023. The stock settled 2.02% higher at ₹219.85 apiece today. The scrip has gained 6.41% in the last one month.

First Published:Nov 21, 2023 3:50 PM IST