BUSINESS
After the latest acquisition, the company has become a wholly-owned subsidiary of the Reliance firm.
Indian billionaire Mukesh Ambani has made a major financial move through his Jio Financial Services Ltd (JFSL). The Ambani company has acquired the entire 17.8 per cent stake of India's largest bank, State Bank of India (SBI), in Jio Payments Bank Ltd. The company acquired 7,90,80,000 equity shares of Jio Payments Bank from SBI for an aggregate consideration of Rs 104.54 crore pursuant to the approval received from the Reserve Bank of India (RBI) on June 4, JFSL said in a regulatory filing. With the stake buy, Jio Payments Bank has become a wholly-owned subsidiary of JFSL. Before this, Jio Payments Bank operated as a joint venture between Jio Financial Services and SBI.
Jio Financial Services business
Jio Financial Services is engaged in investing and financing, insurance broking, payment bank and payment aggregator and payment gateway services. It was originally a subsidiary of Reliance Industries, but demerged as an independent entity and was listed on the Indian share market in August 2023. The company currently has a market cap of Rs 1.83 lakh crore, as of June 18. The share price of the firm ended at Rs 288, down by Rs 1.80, or 0.62%, on the BSE.
Jio Financial Services Q4 results
The Ambani-led company reported a 1.7 per cent year-on-year (YoY) surge in its net profit to Rs 316 crore in the March FY25 quarter, compared to Rs 310.6 crore it registered in the corresponding period last year. Its net interest income (NII) slipped 4.5% YoY to Rs 268.09 crore in the quarter under review, as against Rs 280.74 crore in Q4FY24. Its revenue from operations saw a steep 18 per cent YoY increase to Rs 493.2 crore in Q4 FY25.
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