Jio Financial Invests ₹1.90 Billion In Jio Payments Bank After Full Ownership

Jio Financial Services Ltd. on Wednesday said it has invested ₹1.90 billion to buy 190 million equity shares of its wholly owned subsidiary, Jio Payments Bank. The transaction, classified as a related-party deal, was executed on an arm’s length basis and did not require regulatory approvals, the company said in an exchange filing.

Earlier this month, Jio Financial had acquired 79.08 million shares of Jio Payments Bank from State Bank of India for ₹1.05 billion, making the bank a fully owned subsidiary.