Mumbai, May 20 -- The TVS Venu Group has been expanding its financial services operations across multiple segments, including insurance and asset management, and their latest plan to acquire a 10% stake in Jana Small Finance Bank (SFB) marks a strategic extension into banking, giving access to the mass affluent and small-business segments.

On Monday, the Chennai-based conglomerate said it will acquire a 9.9% stake in the bank through a combination of primary issuance of warrants and a secondary purchase. This includes acquisition of a 5.64% stake by TVS Venu for Rs.317 crore and 4.9% by TVS Motor Company for Rs.193 crore.

Bengaluru-based Jana SFB has over 12 million customers, and advances and deposits of over Rs.35,000 crore each as of...