Bank of America to acquire 49.9% stake in non-bank lender Jio Credit for $1.92 B

Bank of America is to invest INR 18,268 Cr (USD 1.92 Billion) in Jio Credit , a non-bank lending unit of Jio Financial Services. The transaction is structured as a joint venture, with Bank of America initially acquiring a 26.5% interest through a preferential allotment of equity shares and warrants. The stake would increase to 49.9% upon the exercise of these warrants.