Jio Financial Services Ltd (JIOFIN) has announced its decision to acquire State Bank of India’s remaining stake in Jio Payments Bank Ltd (JPBL), thereby making the payments bank its wholly owned subsidiary. The shares of Jio Financial Services Ltd closed at ₹206.25 on Tuesday, recording a 2.65% increase on the NSE.
The board of Jio Financial Services Ltd has approved the purchase of 7,90,80,000 equity shares from SBI for ₹104.54 crore (approximately $12.5 million). Currently, Jio Financial holds 82.17% of JPBL’s paid-up equity share capital. The acquisition is subject to approval from the Reserve Bank of India and is expected to be completed within 45 days post receiving regulatory clearance.
In a regulatory filing to the BSE and NSE, Jio Financial clarified that the transaction is not a related party deal, and none of the company’s promoter groups have interests in the acquisition. JPBL was initially established as a joint venture between Jio Financial Services (formerly known as Reliance Strategic Investments Ltd) and SBI.
This announcement comes as Jio Financial Services, a part of Mukesh Ambani’s conglomerate, aims to strengthen its presence in India’s digital financial services market. The company’s board meeting concluded on March 4, 2025, at 2:05 PM.
