Jio Financial Takes Full Control of Jio Payments Bank

Jio Financial Services is set to acquire SBI's stake in Jio Payments Bank for Rs 104.54 crore, making it a wholly owned subsidiary. The acquisition awaits Reserve Bank of India's approval and will be finalized within 45 days post-approval. Jio Financial's shares rose 2.69% on the BSE.

Jio Financial Services announced on Tuesday its decision to acquire the State Bank of India's entire stake in Jio Payments Bank. The acquisition will cost Rs 104.54 crore, leading Jio Payments Bank to become a wholly owned subsidiary of Jio Financial.

Currently, Jio Financial holds an 82.17% stake in the payments bank, a joint venture between Jio Financial itself and SBI. The board's approval includes acquiring over 7.90 crore equity shares from SBI at the set price.

The transaction must secure approval from the Reserve Bank of India, and the completion is projected within 45 days post-regulatory consent. In market response, Jio Financial's shares concluded Tuesday's trading at Rs 206.35, marking a 2.69% increase on the BSE.

(With inputs from agencies.)