Jio Credit stake acquisition

Bank of America to acquire 49.9 percent stake in Jio Credit for Rs 18,268 crore

Bank of America invests around Rs 18,268 crore for 49.9% stake in Jio Credit

Mumbai: Bank of America will invest up to Rs 18,268 crore, or about $1.9 billion, to acquire as much as 49.9% of Jio Financial Services’ lending subsidiary Jio Credit, marking one of the largest foreign investments in an Indian non-bank lender.The proposed transaction values Jio Credit at around $3.8 billion, equivalent to about 2.5 times its net worth. It will provide the digital lender with fresh capital to expand its loan book, introduce new products and strengthen its risk-management and technology capabilities.Bank of America will initially acquire a 26.5% equity stake through a preferent