Jio Financial Services has purchased 7,90,80,000 equity shares of Jio Payments Bank from the State Bank of India for an amount of Rs 104.54 crore. Post-transaction, Jio Payments Bank has become a wholly owned subsidiary of Jio Financial Services, the company said in an exchange filing.
Jio Financial Services said in March that it is looking to acquire a 17.8 percent stake in Jio Payments Bank from the State Bank. According to a PTI report, Jio Financial Services owned an 82.17 percent stake in Jio Payments Bank in March.
Jio Financial Services’ share price movement
On Wednesday, Jio Financial Services’ share saw a small drop of 0.71 percent on the stock market. The stock closed at Rs 287.75 on Wednesday, while the previous close was Rs 289.80.
While the stock saw a degrowth of 4.5 percent in the last 5 days, the monthly numbers show a 3.86 percent increase.