reuters.com

Bank of America to buy up to a 49.9% stake in Jio Credit for $1.9B

Bank of America logoBank of America
Sig3.02Sen+4.38Env+0.03Soc+1.33Gov+0.73

Bank of America will enter a joint venture in India’s Jio Credit by taking an initial 26.5% stake via preferential equity allotment, with its holding potentially rising to 49.9% after warrant exercise. The deal values Jio Credit at about $3.8 billion and provides up to 66.13 billion rupees in shares and up to 116.55 billion rupees in warrants, supporting Jio Credit’s rapid growth.

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