Jio Financial Services shares jumped almost 4% during the morning trade on Wednesday, March 5, as it will acquire State Bank of India’s entire stake in Jio Payments Bank for ₹104.54 crore.Jio Financial currently holds an 82.17% stake in Jio Payments Bank Limited (JPBL), a joint venture of the company and State Bank of India (SBI).
At 10:30 AM, shares of Jio Financial Services were trading 4.28% higher on the National Stock Exchange (NSE) at 215.22 apiece.The company had touched its 52-week low of ₹198.65 on March 3, 2025. Its market capitalisation stood at ₹1,36,147.82 crore.In a regulatory filing on Tuesday, Jio Financial Services said that its board has approved the acquisition of a little over 7.90 crore equity shares of JPBL from SBI for ₹104.54 crore.
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"Post this acquisition, JPBL will become a wholly owned subsidiary of the company," Jio Financial Services said in an NSE filing. The acquisition is subject to approval of the Reserve Bank of India and is expected to be completed within 45 days post receipt of regulatory approval. Jio Financial Services will be joining the NIFTY50 index from March 28, 2025.
Jio Financial Services' consolidated net profit remained flat at ₹295 crore in the latest third quarter, compared to ₹294 crore in the corresponding period last fiscal. Total income stood at ₹449 crore in the reporting quarter, up from ₹414 crore in Q3 FY24. Total expenses increased to ₹131 crore against ₹99 crore in the year-ago period. For the nine-month period of the financial year 2024-25, the company's net profit rose marginally to ₹1,296 crore compared to ₹1,294 crore a year back.
Jio Financial Services Ltd is involved in investment and financing, payment banking, insurance broking, payment gateway services and payment aggregation. The Mumbai-based firm is a financial services company. Originally a subsidiary of Reliance Industries, it was demerged as an independent entity and listed on the Indian stock exchanges in August 2023.