Mukesh Ambani’s Rs 131000 crore firm set to acquire India’s largest govt bank’s entire stake in…

Jio Financial Services (JFS) has said it will acquire SBI’s entire stake in Jio Payments Bank for Rs 104.54 crore. The Mukesh Ambani-led company currently holds 82.17 per cent stake in Jio Payments Bank Limited (JPBL), a joint venture of the Company and State Bank of India (SBI). Originally a subsidiary of Reliance Industries, Jio Financial Services was demerged as an independent entity and listed on the Indian stock exchanges in August 2023. The company now has a market cap of Rs 1.31 lakh crore. The share of the firm closed at Rs 206.25 on Tuesday.

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 JPBL from SBI for Rs 104.54 crore. “Post this acquisition, JPBL will become a wholly owned subsidiary of the Company,” Jio Financial Services said in a BSE filing.

The acquisition is subject to approval of Reserve Bank of India and is expected to be completed within 45 days post receipt of regulatory approval. Shares of Jio Financial ended Tuesday’s trading at Rs 206.35, up 2.69 per cent over previous close on BSE.

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