Jio Financial Services acquires SBI’s entire stake in Jio Payments Bank for ₹104.5 crore; check details

Jio Financial Services on Wednesday, June 18, announced the acquisition of 7.91 crore equity shares of Jio Payments Bank Ltd (JPBL) from the State Bank of India (SBI) for ₹104.54 crore.

With the completion of this deal, JPBL became a fully owned subsidiary of Jio Financial Services (JFS).

The State Bank of India (SBI) divested its entire stake of 7,90,80,000 equity shares in JPBL for ₹13.21 per equity share to JFS, bringing its stake down from 17.8% to nil, subject to all regulatory approvals.

In 2016, Jio Payments Bank was formed as a joint venture (JV) between Reliance Industries through its financial arm, JFS and SBI. According to the agreement, SBI held a 17.83% stake and JFS held the majority stake at 82.17%. The payments bank started its operations in 2018.

JFS’s board of directors had approved the acquisition of JPBL in early March 2025 and were awaiting regulatory approvals.

Jio Financial Services Q4 results

The NBFC reported a 1.7% year-on-year (YoY) surge in its net profit to ₹316 crore in the March FY25 quarter, compared to ₹310.6 crore it registered in the corresponding period last year. Its net interest income (NII) slipped 4.5% YoY to ₹268.09 crore in the quarter under review, as against ₹280.74 crore in Q4FY24. However, its revenue from operations saw a steep 18% YoY increase to ₹493.2 crore in Q4FY25.

Jio Financial Services stock performance

Shares of JFS closed in the red at ₹287.75 apiece, down 0.71% on the National Stock Exchange (NSE) on Wednesday. However, the acquisition was announced after the market closed.

The stock has lost 2.01% this week but gained 0.52% since the beginning of June. The scrip has surged 26.65% so far this quarter. It slipped 3.53% on a year-to-date basis.

It hit a 52-week low of ₹198.65 on March 3, 2025, and a high of ₹368.30 almost a year ago on June 20, 2024.

State Bank of India stock settled at ₹791.9 per equity share, down 0.05% on the NSE.

Jio Financial Services has a total market capitalisation of ₹1.83 lakh crore, as of June 18, 2025, as per the NSE.