SBI Exits Jio Payments Bank For Rs 104 Crore, Sells Stake To JFSL

Jio Financial Services Takes Complete Control Of Jio Payments Bank

About two months after announcing its plans to acquire Jio Payments Bank Ltd (JPBL), fintech company Jio Financial Services (JFS) has completed the acquisition for INR 104.5 Cr.  In an exchange filing, JFS said it bought 7.91 Cr shares of JPBL from State Bank of India (SBI), making the payments bank its wholly owned subsidiary. In March, the company had said it would buy SBI’s complete stake in the bank in a deal for INR 13.22 per share.  During…

SBI Exits Jio Payments Bank For Rs 104 Crore, Sells Stake To JFSL

State Bank of India divested its entire stake in Jio Payments Bank Ltd. to Jio Financial Services Ltd. for Rs 104.5 crore on Wednesday.The state-owned lender had received board approval in March for selling 7.9 crore equity shares of JPBL at Rs 13.22 apiece, according to a stock exchange filing.Following necessary approval from the Reserve Bank of India, SBI executed the share purchase agreement with JFSL and JPBL on Wednesday and transferred th…