Geo Financial Services Payment Bank enters Rs 190 crore

Geo Financial Services Limited (JFSL) said on Wednesday that it had to pay Rs 190 crore in its payment bank subsidiary.

JFSLA regulatory filing said that the company has allocated equity shares of 190,00,000, JIO collects Rs 190 crore for cash, cash for cash, cash for every 10 rupees of Payments Bank Limited.

The transaction is between the company and its own ownership subsidiary and therefore the relevant-party transaction.

“It is based on the length of the hand,” the company said, “added that no promoter/promoter group/other group companies of the company have no interest in the above practice.

Last week, JFSL acquired the entire 17.8 per cent stake in State Bank India F -India at Jio Payments Bank Limited for consideration of Rs 104.54 crore.

With the purchase of stake, Jio Payments Bank became a full -owned subsidiary of JFSL.