Jio Financial Services Ltd announced that its board of directors have approved the acquisition of 7.9 crore shares of Jio Payments Bank (JPBL) from State Bank of India (SBI) for Rs 104.54 crore. In a regulatory filing, the company says, “The Board of Directors of the Company, at its meeting held today, have approved acquisition of 7,90,80,000 equity shares of JPBL from SBI for an aggregate consideration of Rs 104.54 crore. Post this acquisition, JPBL will become a wholly owned subsidiary of the company”.

Jio Financial Services currently owns 82.17% of the paid-up equity share capital of Jio Payment Bank Limited (JPBL), a joint venture with the State Bank of India (SBI). The company has announced plans to acquire an additional 7.9 crore shares of JPBL, although the acquisition is contingent on approval from the Reserve Bank of India (RBI). Once the approval is received, the deal is expected to be completed within 45 days. This move will further strengthen Jio Financial Services' stake in the growing digital banking sector.

In January, Jio Financial Services reported a slight increase in net profit for its fiscal third quarter, reaching Rs 294.8 crore, up from Rs 293.8 crore in the same quarter of the previous year. The company also posted a 6% rise in revenue from operations, totaling Rs 438.4 crore. Additionally, its assets under management (AUM) grew to Rs 4,199 crore, and the payments bank saw a 25% quarter-on-quarter increase in its CASA (Current Account and Savings Account) customer base, reaching 1.89 million. Following the positive earnings report, shares of Jio Financial Services rose by 2.79%, reaching a trading price of Rs 206.55.