Jio Financial to acquire full stake in Jio Payments Bank

Jio Financial Services (JFS) announced its plans to acquire the remaining 82.17% stake in Jio Payments Bank Limited (JPBL) from State Bank of India (SBI) for an aggregate consideration of ₹104.54 crore. The acquisition, approved by the JFS Board of Directors in a meeting held today, will result in JPBL becoming a wholly-owned subsidiary of JFS. The transaction is subject to regulatory approval from the Reserve Bank of India (RBI) and is expected to be completed within 45 days post receipt of approval. JFS clarified that the acquisition is not a related party transaction, and none of the company's promoters have any interest in the acquisition. JFS stock trades on the BSE under the symbol JIOFIN.