India, Aug. 13 -- Jio Financial Services Ltd (JFSL) and Bank of America Corporation have entered into a definitive agreement under which Bank of America will acquire up to a 49.9% stake in JFSL's wholly owned NBFC subsidiary, Jio Credit Ltd (JCL).
The investment, worth up to Rs 18,268 crore, will be made through a preferential allotment of equity shares and warrants. Bank of America will initially acquire a 26.5% equity stake, which could increase to 49.9% upon exercise of the warrants, subject to regulatory and statutory approvals.
The joint venture will combine Jio Financial Services' digital reach and understanding of the Indian market with Bank of America's global financial services expertise, particularly in areas such as governance,...