Jio Financial Acquires SBI’s Stake in Jio Payments Bank for ₹104.54 Crore

Jio Fin to Acquire SBI's Entire Stake in Jio Payments Bank for ₹104.54 Crore

Jio Financial Services announced on Tuesday that it will acquire State Bank of India’s (SBI) entire stake in Jio Payments Bank for ₹104.54 crore. Currently, Jio Financial holds 82.17% stake in Jio Payments Bank Limited (JPBL), a joint venture between Jio Financial and SBI.

Deal Details

• Stake Acquired: 7.90 crore equity shares of JPBL
• Deal Value: ₹104.54 crore
• Post-Acquisition Status: JPBL will become a wholly owned subsidiary of Jio Financial Services
• Regulatory Approval: The acquisition is subject to approval from the Reserve Bank of India (RBI) and is expected to be completed within 45 days of receiving approval.

Market Impact

• Jio Financial's Share Price: Ended Tuesday's trading at ₹206.35, up 2.69% on the BSE.

Significance of the Acquisition

The acquisition aligns with Jio Financial Services’ strategy to strengthen its digital banking and financial services operations. By gaining full control of Jio Payments Bank, the company is expected to enhance its fintech capabilities and expand its offerings.

Industry Implications

The move could intensify competition in the Indian digital banking space, with Jio Payments Bank now poised to aggressively expand its presence in digital payments, banking services, and financial products.

Disclaimer: The information in this article is for informational purposes only and does not constitute financial or investment advice. Readers should conduct their own research or consult a financial advisor before making investment decisions.

Categories: digital banking, fintech news, Jio Financial Services, Jio Payments Bank, SBI stake sale