On 04 March 2025, the Board of Jio Financial Services approved the acquisition of 7,90,80,000 equity shares of Jio Payments Bank (JPBL) from State Bank of India (SBI). The Executive Committee of the Central Board of Directors of State Bank of India (SBI) approved selling its entire stake in Jio Payments Bank (JPBL). Jio Financial Services currently holds 82.17% of the paid-up equity share capital of JPBL, which is a joint venture between Jio Financial Services and SBI.
Key Points
– After this acquisition, JPBL will become a wholly owned subsidiary of Jio Financial Services.
– The acquisition is subject to approval from the Reserve Bank of India (RBI).
– The transaction is expected to be completed within 45 days after receiving RBI approval.
– SBI will sell 7,90,80,000 equity shares at Rs 13.22 per share.
– The total amount from the sale will be Rs 104.54 crore (Rs 104,54,37,600).