Jio Finance, Allianz Europe Invest Rs 320 Cr Each in JV Jio Allianz General Insurance

New Delhi: Jio Finance and Allianz Europe B.V. have invested Rs 320.05 crore each in Jio Allianz General Insurance Ltd via rights issue, Jio Financial Services said on Wednesday.

In a regulatory filing, Jio Financial Services said Jio Allianz General Insurance Ltd (which is a 50:50 Joint Venture between the company and Allianz), will utilise the amount to fund its business operations.

“The company and Allianz Europe B.V. have each, today subscribed to and have been allotted 32,00,50,000 equity shares of Rs. 10 each of Jio Allianz General Insurance Limited, for cash at par, aggregating Rs 320.05 crore, on a rights issue basis,” it said.

The aggregate investment by Jio Finance in the JV to date is Rs 375 crore.

Jio Finance said the investment is a related party transaction undertaken on an arm’s length basis and none of the company’s promoter/promoter group/other group companies have any interest in the above investment.

Shares of Jio Financial Services closed at Rs 216.60, down 0.60 per cent on the BSE.

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