M&A
Jio Financial to acquire SBI’s stake in payments bank JV for Rs.105-Cr
Business Line BSE Announcement
Jio Financial Services Ltd (JIOFIN) will acquire State Bank of India’s remaining stake in Jio Payments Bank Ltd (JPBL), making the payments bank its wholly owned subsidiary. Jio Financial currently holds 82.17 % of JPBL’s paid-up equity share capital.The company’s board approved the purchase of 7,90,80,000 equity shares from SBI for INR 104.54 crore (abourt USD 12.5 million).The acquisition is expected to be completed within 45 days after receiving regulatory clearance from the Reserve Bank of India.JPBL was established as a joint venture between Jio Financial Services (formerly known as Reliance Strategic Investments Ltd) and SBI.
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