India, March 4 -- Fintech company Jio Financial Services (JFS) is acquiring the entire stake of the State Bank of India (SBI) in its subsidiary Jio Payments Bank.

JFS, which currently owns 82.17% of the paid-up equity share capital of Jio Payments Bank Ltd (JPBL), will acquire SBI's stake for INR 104.54 Cr. The transaction will see JFS buying 7.91 Lakh equity shares of the bank for INR 13.22 apiece.

"The board of directors of the company, at its meeting held today, have approved acquisition of 7.91 Lakh equity shares of JPBL from SBI for an aggregate consideration of INR 104.54 Cr. Post this acquisition, JPBL will become a wholly owned subsidiary of the company," JFS said in an exchange filing.

Meanwhile, SBI said in its exchange filin...