Jio Financial Services Limited (JFSL) on March 4 announced that its board has approved the acquisition of 7.9 crore shares of Jio Payments Bank Limited (JPBL) from State Bank of India (SBI) for Rs 104.54 crore.
JFSL currently holds 82.17% of the paid-up equity share capital of Jio Payments Bank Limited, a joint venture between the company and SBI. After this acquisition, JPBL will become a wholly-owned subsidiary of JFSL.
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This acquisition is expected to be completed within 45 days
JFSL said in a stock exchange filing, ‘This acquisition will be completed after the approval of the Reserve Bank of India. This acquisition is expected to be completed within 45 days of receiving RBI approval.’
JFSL stock closed 2.65% higher at Rs 206.25 today
After this news, JFSL stock closed 2.65% higher at Rs 206.25 today. The company’s stock has fallen 15.85% in the last 1 month and 40.60% in six months. At the same time, the company’s stock has fallen 36.07% in a year. The company’s market cap is Rs 1.31 lakh crore.
In May 2024, the company introduced the pilot version of the ‘Jio Finance’ app
Jio Financial Services, separated from Reliance Industries Limited, operates in the sectors of investing and financing, insurance broking, payment bank, payment aggregator and payment gateway services.
In May 2024, the company introduced the pilot version of the ‘Jio Finance’ app. This app provides UPI, digital banking and other related services.
In April 2024, the company announced a partnership with global investment management firm BlackRock Inc. to launch wealth management and broking business.
