Jio Financial Services: BofA to Invest ₹18,268 Cr in Jio Credit

Jio Financial Services Ltd (JFSL) announced that its wholly-owned subsidiary, Jio Credit Limited (JCL), will receive an investment of up to ₹18,268.22 crore from NB Holdings Corporation, a subsidiary of Bank of America Corporation (BofA). The investment will be made through a preferential issue of equity shares and warrants. Post conversion of warrants, BofA will hold 49.90% of JCL's paid-up equity share capital. This strategic partnership aims to combine JFSL's digital reach in India with BofA's global financial expertise to enhance financial services offerings in the rapidly growing Indian market. JCL, a fast-growing NBFC, has built significant assets under management in a short period.