Bank of America invests ₹18,000 crore for 49.9% share in Jio Credit
Bank of America (BofA) has formed a partnership with Jio Financial Services by purchasing a 49.9% stake in its unit, Jio Credit, for $1.9 billion, which is more than ₹18,000 crore. As part of the agreement, Jio Credit is set to provide BofA with equity shares valued at ₹6,613 crore along with warrants totaling ₹11,655 crore. Once the transaction is finalized, the board of directors at Jio Credit will be split evenly between representatives from both Jio Financial Services and BofA.
by shortkt.com✓