SBI divests Entire Stake of Jio Payments Bank for Rs 104 Crore to Jio Financial
The acquisition is subject to approval from the Reserve Bank of India and is expected to be completed within 45 days after receiving the RBI's approval.
SBI divests Entire Stake of Jio Payments Bank for Rs 104 Crore to Jio Financial
The board of Jio Financial Services Ltd. has approved the acquisition of 7.9 crore shares of Jio Payments Bank from the State Bank of India for over Rs 104 crore, as announced by both the company and SBI to the stock exchanges.
Currently, Jio Financial Services holds an 82.17% stake in Jio Payments Bank, which is a joint venture between the company and SBI. Following this acquisition, Jio Payments Bank will become a wholly owned subsidiary of Jio Financial Services.
The acquisition is subject to approval from the Reserve Bank of India and is expected to be completed within 45 days after receiving the RBI's approval.
Separately, the executive committee of SBI also approved the divestment of the bank's entire stake for Rs 13.22 per share in Jio Payments Bank to Jio Financial Services.
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