New Delhi: Jio Financial Services on Tuesday said it will acquire State Bank of India’s (SBI) entire stake in Jio Payments Bank for Rs 104.54 crore.
Jio Financial currently holds 82.17 per cent stake in Jio Payments Bank Limited (JPBL), a joint venture of the Company and State Bank of India.
In a regulatory filling, Jio Financial Services said that its board on Tuesday approved acquisition of a little over 7.90 crore equity shares of JPBL from SBI for Rs 104.54 crore.
“Post this acquisition, JPBL will become a wholly owned subsidiary of the Company,” Jio Financial Services said in a BSE filing.
The acquisition is subject to approval of Reserve Bank of India and is expected to be completed within 45 days post receipt of regulatory approval.