Currently, Jio Fin holds an 82.17% stake in Jio Payments Bank, a joint venture between Reliance Industries-backed Jio Financial and SBI. Following the acquisition, Jio Payments Bank will become a 100% subsidiary of Jio Fin.
The deal, approved by Jio Fin’s Board of Directors, is subject to Reserve Bank of India (RBI) approval and is expected to be completed within 45 days post-clearance.
The company clarified that the transaction is not a related-party deal, and no promoters or group entities have any financial interest in the acquisition.
Also read: These companies saw promoters increase their stake in recent times
Following the announcement, shares of Jio Financial Services Ltd surged nearly 4% on the BSE, hitting an intraday high of ₹208 on Tuesday.
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