Bank of America to acquire 49.9 percent stake in Jio Credit for Rs 18,268 crore
Bank of America has entered into a joint venture agreement to acquire a 49.9 percent stake in Jio Credit, the lending arm of Jio Financial Services, for approximately 1.9 billion dollars or 18,268 crore rupees. The transaction involves a combination of shares acquired through a preferential issue and warrants. This partnership aims to leverage the digital reach of Jio Financial Services alongside the global financial expertise of Bank of America to expand services within the Indian market.
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What Happened
Bank of America and Jio Financial Services have signed a joint venture agreement in Mumbai. Under the terms of the deal, Bank of America will invest 1.9 billion dollars, equivalent to 18,268 crore rupees, to secure a stake in Jio Credit. The acquisition will be executed through a preferential issue of shares and the exercise of warrants, with the equity interest potentially reaching 49.9 percent.
The collaboration is designed to integrate the digital infrastructure and local market knowledge of Jio Financial Services with the international financial capabilities of Bank of America. This move marks a significant expansion for the lending arm of the Mukesh Ambani promoted company, which was established two years ago to provide diverse financial services.
Key Facts
- Bank of America will acquire a stake in Jio Credit for 1.9 billion dollars or 18,268 crore rupees.
- The joint venture agreement allows for an equity interest of up to 49.9 percent.
- The investment will be made through a preferential issue and warrants.
- Jio Financial Services is a company promoted by Mukesh Ambani.
- The partnership aims to combine digital reach with global financial expertise.
The Timeline6
Every article on this story, in the order it was filed. We do not rank the outlets.
12 Aug
- ETThe Economic TimesBofA, Jio Financial ink JV for 49.9% Jio Credit stake
- TOIThe Times of IndiaBank of America to acquire 49.9 percent stake in Jio Credit for Rs 18,268 crore
13 Aug
- Nanamasthe-telanganaజియో క్రెడిట్లో బోఫాకు మెజారిటీ వాటా
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- TOIThe Times of IndiaBank of America to invest up to Rs 18,000 crore for 49.9% stake in Jio Credit
Where This Is Being Covered2 languages
Languages
Newsrooms carrying this story, by publication language.
- English4 outlets
- Teluguతెలుగు1 outlet
Regional reach
States where a local newsroom is carrying this. National mastheads and wire agencies circulate everywhere and are counted separately, not drawn on the map.
- No local newsroom
- 1 outlet
- 2 or more
2 states with local coverage. Concentrated in the South. Also carried by 3 national mastheads.
About This Analysis
One summary, built from every source. No single newsroom's voice.
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Paksh: the sides a story is told from. 5 newsrooms filed on this one, and every filing is listed above.