India, July 30 -- Fintech major Jio Financial Services (JFS) is looking to raise INR 15,825 Cr (about $1.8 Bn) via a private placement of convertible warrants to members of its promoter group, Sikka Ports & Terminals and Jamnagar Utilities & Power Pvt Ltd.

In an exchange filing, the company said that its board approved the issuance of up to 50 Cr warrants for INR 316.5 each.

"Warrants are convertible into fully paid-up equity shares of the company, in one or more tranches, at any time on or before the expiry of 18 (eighteen) months from the date of allotment and the unconverted warrants shall lapse, and the amount paid by the warrant holder on such warrants shall stand forfeited," the filing read.

Following the investment, Sikka Ports'...