Jio Financial acquires SBI’s entire stake in Jio Payments Bank

Jio Financial Services disclosed about the recent acquisition of State Bank Of India Stake in Jio Payments Bank. Jio Financial Services currently holds 82.17% of the paid-up equity share capital of Jio Payments Bank Limited (“JPBL”), a joint venture of the Company and State Bank of India.

Jio Financial Services Board of Directors meeting held today has approved the acquisition of 7,90,80,000 equity shares of JPBL from SBI for an aggregate consideration of Rs. 104.54 crore. After this acquisition, JPBL will become a wholly owned subsidiary of Jio Financial Services.

The acquisition is subject to the approval of the Reserve Bank of India (“RBI”) and is expected to be completed within 45 days post receipt of RBI approval.