Jio Financial Services (JFS) to acquire the State Bank of India (SBI) stake in their joint venture – Jio Payments Bank – for Rs 104.5 crore, the company said in a statement on Tuesday.
“The board of directors of the company, at its meeting held today, has approved the acquisition of 79 million equity shares of Jio Payments Bank from SBI for an aggregate consideration of Rs 104.54 crore,” JFS said in an exchange notification.
Currently, JFS holds an 82.17 per cent stake in Jio Payments Bank, with the rest held by SBI. Post acquiring SBI stake, Jio Payments Bank will become a wholly owned subsidiary of Jio Financial Services.
The acquisition is subject to the approval of the Reserve Bank of India (RBI) and is expected to be completed within 45 days post receipt of RBI approval, JFS said.
Notably, SBI, in an exchange notification, stated that its executive committee of the central board of directors has approved the divestment of the bank’s entire stake at a price of Rs 13.22 per equity share in Jio Payments Bank Limited to Jio Financial Services, realising Rs 104.5 crore, subject to all regulatory approvals.”