(HT)
Jio Finance Ltd., a shadow lender owned by Asia’s richest businessman Mukesh Ambani, is planning to raise as much as ₹1,000 crore ($118 million) in the onshore market through its first ever bond sale, according to people familiar with the matter.
The company plans to raise the funds through a note due in March 2028, the people said, asking not to be identified. The bond will have a coupon of 7.19% and the financier is likely to seek bids for the issuance next week, they said.
The bond is Jio Finance’s first local-currency note, according to Bloomberg-compiled data, and carries a AAA rating with stable outlook from Crisil Ratings. The issuance is being solely managed by ICICI Securities Primary Dealership and the proceeds will be used for onward lending, the people said.
Jio Finance didn’t immediately reply to Bloomberg’s email seeking comment.
Jio Finance is the shadow bank arm of Jio Financial Services Ltd. It offers an array of financial products such as mortgages, loans against property, life and health insurance and corporate lending. It aims to capitalize on India’s digital growth — in September it embedded the app JioFinance on a separate consumer app called MyJio.
