Jio Credit, the non-bank financing arm of the Mukesh Ambani-led Reliance group, on Wednesday raised Rs 1,000 crore through a maiden bond issue from domestic investors, company officials said. The entity, a wholly owned subsidiary of Jio Financial Services, has raised the money at a coupon rate of 7.19 per cent, they said.
The bonds have a tenor of two years and ten months, they said, adding that the issue was oversubscribed by three times.
The base size of the issue was Rs 500 crore, and the overall fundraise came at Rs 1,000 crore, courtesy a greenshoe option allowing for retaining the higher subscriptions, they said.
The coupon rate at which the bonds have been issued is up to 0.08 per cent lower than other well-rated non-bank finance companies.
Shares of Jio Financial Services settled 0.13 per cent up at Rs 267.75 apiece on the BSE on Wednesday as against a 0.22 per cent rise on the benchmark.
The bonds have a tenor of two years and ten months, they said, adding that the issue was oversubscribed by three times.
The base size of the issue was Rs 500 crore, and the overall fundraise came at Rs 1,000 crore, courtesy a greenshoe option allowing for retaining the higher subscriptions, they said.
The coupon rate at which the bonds have been issued is up to 0.08 per cent lower than other well-rated non-bank finance companies.
Shares of Jio Financial Services settled 0.13 per cent up at Rs 267.75 apiece on the BSE on Wednesday as against a 0.22 per cent rise on the benchmark.
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