Reliance Group’s financial services company Jio Financial Services is all set to come up with its first bond issue soon. The company is already in talks with merchant bankers for this. The company is preparing to raise huge funds from this bond issue. Such a claim is being made in some news.
Expected to arrive in the last quarter.
According to a Reuters report, Mukesh Ambani’s recently listed company is preparing to raise Rs 5,000 crore to Rs 10,000 crore from its maiden bond issue. This has been said in the report regarding four bankers. Jio Financial Services’ first bond issue may come in the last quarter of the current financial year i.e. during January-March 2024.
This is the current share price.
Jio Financial has recently been demerged from Reliance Industries and listed on the stock market. Its share price has seen a steady decline since its listing in August. So far its share is down around 13.50%. After the close of trading on Monday today, shares of Jio Financial Services fell 2.40% to close at Rs 215.50.
The company is engaged in this work.
There is no official word from Jio Financial Services about the bond issue yet. According to a Reuters report, the company is in the process of obtaining credit ratings and other necessary approvals before issuing the bonds. Once all the approvals are received and the credit rating is done, the way to issue the bond will be cleared.
It is expected to receive a triple-A rating.
The report quoted experts as saying that Jio Financial Services could get a AAA credit rating as the promoters have a strong stake in the company. Bond prices will depend on factors such as tenure and the company’s balance sheet at the time of issue. It may be 10-20 basis points higher than Reliance Industries.
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