Jio Financial Services Lts said that the Board of Directors of the Company has approved the acquisition of 7,90,80,000 equity shares of Jio Payments Bank Limited (JPBL) from the State Bank of India (SBI) for a total consideration of Rs 104.54 crore. Currently holding 82.17% of JPBL’s paid-up equity share capital, this transaction will make JPBL a wholly owned subsidiary of the Company.

The acquisition is subject to approval from the Reserve Bank of India (RBI) and is expected to be completed within 45 days of receiving the necessary regulatory clearance. This transaction is not classified as a related party transaction, and none of the Company’s promoters, promoter group, or affiliated entities have any vested interest in the acquisition.