Jio Financial Boosts Stake in Payments Bank with Rs 190 Crore Investment
Jio Financial Services Ltd has invested Rs 190 crore in Jio Payments Bank, acquiring 19 million equity shares. Already a wholly-owned subsidiary, this transaction strengthens their financial integration. Previously, JFSL acquired State Bank of India's 17.8% stake, further solidifying control over Jio Payments Bank.
- Country:
- India
Jio Financial Services Ltd (JFSL) announced a significant financial move on Wednesday, investing Rs 190 crore into its payments bank subsidiary.
The transaction involved the allocation of 19 million equity shares valued at Rs 10 each in Jio Payments Bank Ltd. This investment underscores JFSL's strategy to fortify its foothold in the financial services sector.
Recently, JFSL completed the acquisition of State Bank of India's 17.8 percent stake in Jio Payments Bank for Rs 104.54 crore, making it a wholly-owned subsidiary, and marking a consolidation of its financial operations.
(With inputs from agencies.)
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