Jio Financial Services Ltd. has informed the exchanges regarding taking over SBI’s entire stake in Jio Payments Bank for ₹104.54 crore. This will make Jio Payments Bank a fully owned subsidiary of Jio Financial. As of now, Jio Financial owns 82.17% stake in Jio Payments Bank Limited (JPBL) which was a joint venture with State Bank of India. In a regulatory filing, Jio Financial stated that its board has approved the acquisition of more than 7.90 crore equity shares from SBI. This is because once the acquisition is done, JPBL will be completely owned by Jio Financial and this will enable the company to concentrate on its strategies and strategies for growth in the Indian digital banking market. The deal is still pending approval from the RBI and is expected to be settled within 45 days after the next approval. The acquisition of Jio shows the company’s determination to build its position in the financial services industry and provide new and improved digital banking products and services. Jio Payments Bank, which was launched in association with SBI, has been a key player in financial inclusion and digital payments in India. On the stock market, the shares of Jio Financial closed at ₹206.35 on Tuesday, up by 2.69 per cent from the close of the previous day on the Bombay Stock Exchange (BSE). The acquisition of the assets shows the strategic vision of Jio to expand its business in the financial services industry and to maintain its leadership in the field of digital financial services.
Acquires SBI’s Stake in Jio Payments Bank for ₹104.54 Crore
