Latest news with #JioPaymentsBank
India.com
4 hours ago
- Business
- India.com
Mukesh Ambani's masterstroke, this company acquires SBI's full stake in…, India's richest man buys it for Rs…
Mukesh Ambani (File) 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. Reliance Industries (RIL) and State Bank of India (SBI) started their payments bank operations in 2018 after forming a joint venture. In which Reliance was holding a 70% stake and SBI owned the remaining 30%. On August 27, 2024, Jio Financial Services was formed after the demerger of Reliance's financial arm. Wherein it infused Rs 68 crore into JPBL by subscribing to 68 million newly issued equity shares priced at Rs 10 each. This investment increased Jio Financial's stake in the payments bank from 78.95% to 82.17%. In October 2022, Reliance announced the demerger from its financial services arm into Reliance Strategic Investments as part of a larger group restructuring initiative. The new entity was later renamed Jio Financial Services and listed on stock exchanges in August 2023. (With Inputs From PTI)
&w=3840&q=100)
Business Standard
8 hours ago
- Business
- Business Standard
Jio Financial buys 17.8% stake of SBI in Jio Payments Bank for Rs 105 cr
The company acquired 7,90,80,000 equity shares of Jio Payments Bank from SBI for an aggregate consideration of Rs 104.54 crore Press Trust of India 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. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Upturn
10 hours ago
- Business
- Business Upturn
Jio Financial Services acquires full ownership of Jio Payments Bank from SBI for Rs 104.54 crore
By Aditya Bhagchandani Published on June 18, 2025, 16:37 IST Jio Financial Services has officially acquired the remaining 51% stake in Jio Payments Bank from State Bank of India (SBI), making it a wholly owned subsidiary. The company announced that it acquired 7.91 crore equity shares from SBI for a total consideration of Rs 104.54 crore following regulatory approval from the Reserve Bank of India (RBI) on June 4, 2025. The transaction was completed on June 18, 2025, around 3:27 PM, as per a disclosure made by Jio Financial Services to the stock exchanges. This move is part of Jio Financial's strategy to consolidate and expand its digital financial services ecosystem. The acquisition marks a significant step in enhancing Jio Financial's footprint in the digital banking and fintech space, enabling the company to operate Jio Payments Bank as a fully integrated entity under its financial services portfolio. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Reuters
04-03-2025
- Business
- Reuters
Reliance's Jio Financial to buy Jio Payments Bank shares from SBI for 1.05 billion rupees
March 4 (Reuters) - India's Jio Financial Services ( opens new tab will buy shares it did not already own in its joint venture for 1.05 billion rupees ($12.03 million) from partner State Bank of India to bolster financial operations, the Reliance Group company said on Tuesday. The financial services provider owns about 82.17% of Jio Payments Bank, begun in 2018. Its current stake-buy plans are subject to approval by the Reserve Bank of India, it said in its statement. Jio Financial has been ramping up operations since it was spun off from the Mukesh Ambani-led conglomerate in 2023 and has recently been planning to set up a mutual fund business with U.S.-based BlackRock (BLK.N), opens new tab. In August, it raised its stake in Jio Payments Bank with an investment of 680 million rupees. ($1 = 87.3180 Indian rupees)
