Jio Financial to Acquire SBI’s 17.83% Stake in Jio Payments Bank for ₹104.5 Crore

6 Mar 2025 , 10:29 AM

Jio Financial Services Ltd (Jio Fin) will purchase 7.9 crore shares in Jio Payments Bank from State Bank of India (SBI) at a price of ₹104.5 crore. The acquisition will raise Jio Fin’s shareholding in Jio Payments Bank from 82.17% to 100%, converting it into a wholly-owned subsidiary.

Originally, Jio Payments Bank was founded as a joint venture between Jio Financial Services (closely related to Reliance Industries) and SBI. This deal is now subject to clearance from Reserve Bank of India (RBI) and is already approved by Jio Fin’s Board of Directors.

The transaction is expected to be closed within 45 days of the receipt of approval from RBI. The Jio Financial also clarified that since this acquisition is not a related-party transaction, and neither any promoter nor group entity has any financial interest in the deal.

At the time of writing on March 6, 2025 at 10:25 pm, shares of Jio Financial Services Ltd is currently trading at ₹221.48 which is a 2.02% gain than the previous close. The stock has witnessed a total of 32% dip in the last one year, and 11% dip in the last one month.