"Jio Financial to acquire remaining stake in Jio Payments Bank" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on t

India's Jio Financial Services 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.

JFS now owns an 82.17% interest in Jio Payments Bank, a joint venture which was initiated between SBI and JFS in 2018.

Jio Financial Services stock surged nearly 5% on Wednesday. The board of this Mukesh Ambani-backed company had approved the acquisition of 7.9 crore shares of Jio Payments Bank Ltd from State Bank of India.

Reliance Industries-backed Jio Financial Services (JFS) saw its share price surge over 5% on Wednesday after the company announced a major acquisition.The non-banking financial company (NBFC), which had been witnessing a continuous decline,

The financial services provider currently holds 82.17 per cent stakes of Jio Payments Bank Limited, a joint venture of Jio Financial and SBI, begun in 2018. Post this acquisition, JPBL will become a wholly owned subsidiary of the company,