Mumbai/IBNS, Aug. 13 -- Shares of Jio Financial Services climbed more than 3 per cent on Thursday after Bank of America (BofA) announced a strategic investment in the company's lending subsidiary, Jio Credit, media reports said.

The stock gained 3.27 per cent to hit an intraday high of Rs.263.35 per share during the session.

The proposed transaction is potentially valued at Rs.18,268 crore ($1.92 billion).

BofA will initially acquire a 26.5 per cent stake in Jio Credit, with its holding potentially increasing to 49.9 percent through the exercise of warrants.

Jio Credit will issue equity shares worth up to Rs.6,613 crore and warrants worth up to Rs.11,655 crore to BofA as part of the transaction.

The partnership will combine Jio Finan...