For INR 105 Cr, Jio Financial Services will purchase SBI's stake in Jio Payments Bank.

Jio Financial Services (JFS), a fintech startup, is purchasing all of State Bank of India's (SBI) stock in Jio Payments Bank, a subsidiary. For INR 104.54 Cr, JFS, which presently holds 82.17% of Jio Payments Bank Ltd.'s (JPBL) paid-up equity share capital, will buy SBI's portion. JFS would purchase 7.91 lakh equity shares of the bank for INR 13.22 each as part of the transaction.

“The board of directors of the company, at its meeting held today, have approved acquisition of 7.91 Lakh equity shares of JPBL from SBI for an aggregate consideration of INR 104.54 Cr. Post this acquisition, JPBL will become a wholly owned subsidiary of the company,” JFS said in an exchange filing.As on November 11, 2024, JPBL's net worth was INR 104.26 Cr, according to SBI's exchange filing. The acquisition will be subject to regulatory approval from the Reserve Bank of India. After the RBI gives its clearance, JFS anticipates that the transaction will be finished in 45 days.