Bank of America buys 49.9% stake in Jio Financial worth ₹18,000 cr

Bank of America (BofA) has entered a joint venture with Jio Financial Services, acquiring 49.9% stake worth $1.9 billion (over ₹18,000 crore) in its subsidiary Jio Credit. Jio Credit will issue equity shares worth ₹6,613 crore and warrants of ₹11,655 crore to BofA. After the deal's completion, Jio Credit's board will have equal representation from Jio Financial Services and BofA.