Jio Financial Services Ltd (JFSL) on March 4 announced that its board approved acquisition of 7.9 crore shares of Jio Payments Bank Ltd (JPBL) from State Bank of India for Rs 104.54 crore.
JFSL currently holds 82.17% of the paid-up equity share capital of Jio Payments Bank Limited, a joint venture of the company and SBI.
Post this acquisition, JPBL will become a wholly-owned subsidiary of JFSL.
"The acquisition is subject to approval of Reserve Bank of India and is expected to be completed within 45 days post receipt of RBI approval," said JFSL in a stock exchange filing.
At 2:45 pm on March 4, JFSL shares on NSE were trading 3% higher at Rs 207 apiece.
Jio Financial Services, spun off from Reliance Industries Ltd, operates in the areas of investing and financing, insurance broking, payment bank, payment aggregator, and payment gateway services.
In May 2024, the company introduced a pilot version of the 'JioFinance' app, which offers UPI, digital banking, and other related services.
In April 2024, the company announced a partnership with BlackRock Inc., a global investment management firm, to launch a wealth management and broking business.
Disclaimer: Moneycontrol is part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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