NEWS
Jio Financial to buy out SBI’s stake in payments bank JV for Rs 105 cr
SBI is selling its stake in Jio Payments Bank at Rs 13.22 apiece; Jio Financial currently holds 82.17% stake in the payments bank.
SBI is selling its stake in Jio Payments Bank at Rs 13.22 apiece; Jio Financial currently holds 82.17% stake in the payments bank.
Jio Financial Services will buy out State Bank of India’s entire stake in Jio Payments Bank for Rs 104.54 crore.
After this transaction, Jio Payments Bank will become a wholly-owned subsidiary of the Mukesh Ambani-promoted financial services company.
Jio Financial currently holds 82.17% stake in Jio Payments Bank, a joint venture of the company and SBI.
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 the payments bank from SBI for Rs 104.54 crore.
In a separate filing, SBI said it is selling its stake in Jio Payments Bank at Rs 13.22 apiece.
The acquisition is subject to approval of the Reserve Bank of India and is expected to be completed within 45 days post receipt of regulatory approval.
