Ambani to Plow $1.8 Billion Into Jio Financial Taking on Rivals

Jio Financial Services Ltd. plans to raise as much as 158.3 billion rupees ($1.8 billion) from a share sale to its founders as billionaire Mukesh Ambani boosts his stake in the firm and looks keen to double down on India’s shadow banking sector.

The board of the Mumbai-based company approved raising this sum via share warrants at 316.5 rupees per share, according to an exchange filing. That’s at a slight discount to Jio Financial’s closing share price of 320.3 rupees on Wednesday.