New Delhi, Aug. 12 -- Jio Financial Services Limited (JFSL) and Bank of America Corporation (BofA) have signed a definitive agreement under which BofA will acquire up to a 49.9% stake in JFSL's wholly owned NBFC lending subsidiary, Jio Credit Limited (JCL).

The investment, worth up to Rs.18,268 crore, will be made through a preferential allotment of equity shares and warrants, according to a statement issued on Wednesday.

The transaction will initially give Bank of America a 26.5% equity stake in JCL, which can increase to 49.9% upon the exercise of the warrants. The transaction remains subject to regulatory and statutory approvals, according to the regulatory filing.

For BofA, the investment will provide an opportunity to expand its p...