Jio Financial to acquire SBI’s stake in Jio Payments Bank, increasing its ownership from 82.17% to 100%
Mumbai: Jio Financial Services Ltd on Tuesday announced that its board approved the acquisition of 7.9 crore shares of Jio Payments Bank Ltd from State Bank of India for Rs 104.54 crore.
Jio Financial currently holds 82.17 per cent of the paid-up equity share capital of Jio Payments Bank Limited, a joint venture of the company and SBI. Post this acquisition, Jio Payments Bank (JPBL) will become a wholly-owned subsidiary of Jio Financial.
“The acquisition is subject to approval of Reserve Bank of India and is expected to be completed within 45 days post receipt of RBI approval,” said JFSL in a stock exchange filing.
Jio Financial has been ramping up operations since it was spun off from the Mukesh Ambani-led conglomerate in 2023 and has recently been planning to set up a mutual fund business with U.S.-based BlackRock.
