Jio Fin to acquire SBI's stake in Jio Payments Bank

(JFS) has announced plans to acquire the State Bank of India's ( ) entire 17.83% stake in Jio Payments Bank Limited (JPBL) for ₹104.54 crore. This acquisition will increase JFS's ownership from 82.17% to 100%, making JPBL a wholly-owned subsidiary. Key Details: * Transaction Value: ₹104.54 crore for SBI's 17.83% stake, valuing JPBL at approximately ₹586 crore. * Regulatory Approval: The acquisition is subject to approval from the Reserve Bank of India (RBI) and is expected to be completed within 45 days post-approval. * Market Reaction: Following the announcement, JFS shares rose nearly 4%, reaching an intraday high of ₹208 on the BSE. This strategic move aligns with JFS's efforts to consolidate its position in the financial services sector, following its demerger from Reliance Industries in 2023. No Recommendation