Jio Financial acquires 17.8% stake of SBI in Jio Payments Bank for Rs 105 cr

New Delhi: Jio Financial Services Ltd (JFSL) on Wednesday said it has acquired the entire 17.8 per cent stake of State Bank of India in Jio Payments Bank Ltd for a consideration of Rs 104.54 crore.

With the stake buy, Jio Payments Bank becomes a wholly-owned subsidiary of JFSL.

The company acquired 7,90,80,000 equity shares of Jio Payments Bank from SBI for an aggregate consideration of Rs 104.54 crore pursuant to the approval received from Reserve Bank of India on June 4, JFSL said in a regulatory filing.

Consequent to this acquisition, Jio Payments Bank has become a wholly-owned subsidiary of the company, it said.

Prior to stake buy, Jio Financial held an 82.17 per cent stake in Jio Payments Bank.