Jio Takes the Reins: SBI Sells Stake in Payments Bank, Jio Financial Seizes Full Control

Jio Financial Services (JFS) said it will buy State Bank of India's (SBI) complete stake in Jio Payments Bank Limited (JPBL) for Rs 104.54 crore. The deal entails 7.9 crore equity shares at Rs 13.22 per share. Already owning 82.17% of JPBL, JFS will convert it into a wholly-owned subsidiary after the acquisition. The deal, pending RBI approval, is likely to be finalized in 45 days from regulatory go-ahead. This development comes on the heels of JFS's heightened stake in August 2024 and is in line with its strategy to consolidate its position in the payments and financial services sector. JFS shares closed 3.02% higher at Rs 716.15 on Tuesday.

 

Source: Economic Times, Business Today, March 4, 2025