Jio Financial Services and Allianz Europe B.V. have each invested Rs 320.05 crore in Jio Allianz General Insurance Ltd through a rights issue, taking the total funds raised by the 50:50 joint venture to Rs 640.1 crore.

The investments, made for cash at par, will be used by Jio Allianz General Insurance to fund its business operations, Jio Financial Services said in a regulatory filing on Wednesday.

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“The Company and Allianz Europe B. V. have each, today subscribed to and have been allotted 32,00,50,000 equity shares of Rs. 10/- each of Jio Allianz General Insurance Limited... for cash at par, aggregating Rs. 320.05 crore, on a rights issue basis,” the company said.

The latest infusion takes Jio Financial Services' aggregate investment in the insurance joint venture to Rs 375 crore to date.

Jio Allianz General Insurance is a 50:50 joint venture between Jio Financial Services and Allianz. The latest rights issue was subscribed equally by both partners, with each receiving 32,00,50,000 equity shares of Rs 10 each.

Jio Financial said the investment qualifies as a related-party transaction but was carried out on an arm's-length basis. It also said none of its promoters, promoter group or other group companies have any interest in the investment.

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“No governmental or regulatory approval is required for the above transaction,” the company said.

Jio Financial said it made the investment at 2:42 p.m. on Wednesday.

Shares of Jio Financial Services closed at Rs 216.60 on the BSE, down 0.60% from the previous close.