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

Jio Financial shares jump 3% as Bank of America set to acquire 50% stake in Jio Credit for Rs 18,268 crore

Shares of Jio Financial Services gained over 3% to Rs 263 on the BSE on Thursday after the company announced that Bank of America will acquire a 49.9% stake in Jio Credit, a wholly owned non-bank lending arm of the company, in a Rs 18,268 crore joint venture deal.Under the transaction, the American banking major will initially acquire a 26.5% equity interest in Jio Credit through a preferential allotment of equity shares. Its stake could subsequently rise to 49.9% through the exercise of warrants, subject to regulatory and statutory approvals.Jio Credit, which began operations just two years a

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