Jio Financial Issues Warrants; Jio IPO Planned

Jio Financial Services' board has approved a preferential issue of 50 crore convertible warrants at Rs 316.50 each, raising Rs 15,825 crore primarily for promoter group entities Sikka Ports & Terminals and Jamnagar Utilities & Power. This move will increase the Ambani family's stake in Jio Financial from 47.12% to 54.19% and fund expansions in lending, insurance, digital payments, and broking, as well as joint ventures with Allianz and BlackRock. The warrants must be converted within 18 months or will lapse. Jio Financial reported a 4% rise in net profit to Rs 325 crore and a 46.6% jump in revenue to Rs 612.46 crore, and received SEBI approval for four new passive funds via its Jio BlackRock JV. Meanwhile, Reliance Industries is planning to list its Jio telecom unit by selling a 5% stake in an IPO aiming to raise over $6 billion, and is in discussions with SEBI regarding the small public float. Reliance maintains that the Indian market cannot absorb a larger offering without impacting pricing or stability.