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With a strong focus on digital financial solutions, the company is well-positioned for growth in India’s financial sector

India’s Jio Financial Services has agreed to purchase the remaining stake in Jio Payments Bank (JPBL) from State Bank of India (SBI). This acquisition involves a total of 7,90,80,000 equity shares for an aggregate consideration of Rs1.

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

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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.

Jio Financial Services, which was a subsidiary of Mukesh Ambani’s Reliance conglomerate, declared itself as a separate entity and listed on the Indian stock exchanges. The firm's current market capitalisation stands at Rs 1.

JFSL currently holds 82.17% of the paid-up equity share capital of Jio Payments Bank Limited, a joint venture of the company and SBI. Post this acquisition, JPBL will become a wholly-owned subsidiary of JFSL.

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.

Jio Financial Services is set to acquire SBI's stake in Jio Payments Bank for Rs 104.54 crore, making it a wholly owned subsidiary. The acquisition awaits Reserve Bank of India's approval and will be finalized within 45 days post-approval.