Informist, Tuesday, Mar. 4, 2025

--Jio Fincl board OKs acquisition of 79.08 mln shares of Jio Payments Bank

--Jio Fincl to buy 79.08 mln shrs of Jio Payments Bk from SBI for INR 1 bln

MUMBAI – The board of Jio Financial Services Ltd. has approved the acquisition of 79.08 million shares of Jio Payments Bank for INR 1.05 billion from State Bank of India, the company informed the exchanges Tuesday. Jio Payments Bank is a joint venture between Jio Financial Services and SBI.

After the acquisition, Jio Payments Bank will turn into the non-bank lender's wholly owned subsidiary. Currently, the lender holds 82.17% of the paid-up equity share capital of Jio Payments Bank. The acquisition is subject to approval from the Reserve Bank of India and is expected to be completed within 45 days after receiving the central bank's approval.

Jio Financial Services was included in the Nifty 50 index on Feb. 21 as the stock met the criterion of average six-month free-float market capitalisation of over 1.5 times the smallest Nifty 50 constituent.

At 1516 IST, shares of Jio Financial Services were up 2.6% at INR 206.20 on the National Stock Exchange. End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Christina Titus

Edited by Ashish Shirke

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