Jio Financial Services Limited (JFSL) on August 12 announced the JFSL Bank of America deal under which NB Holdings Corporation may invest up to ₹18,268.22 crore in Jio Credit Limited. In a BSE filing, JFSL said its board approved the execution of a share subscription agreement and a shareholders’ agreement among JFSL, Jio Credit and NB Holdings, a wholly owned subsidiary of Bank of America Corporation.

The agreements were executed on August 12 at 8.15 pm IST. The proposed investment will be made through a preferential issue of equity shares and warrants on a private-placement basis. Completion remains subject to applicable statutory and regulatory approvals.

Equity shares and warrants

Under the proposed transaction, NB Holdings may subscribe to the following Jio Credit securities for cash:

Security Maximum quantity Maximum consideration
Equity shares of ₹10 each 4,29,29,760 ₹6,612.90 crore
Warrants 7,56,64,248 ₹11,655.32 crore

The equity allotment would give NB Holdings 26.50% of Jio Credit’s post-issue paid-up equity capital. Each warrant can be converted within 18 months from allotment into one fully paid-up Jio Credit equity share. The investor will pay 25% of the warrant consideration at subscription and the balance upon conversion.

If the warrants are converted, NB Holdings will hold 49.90% of Jio Credit’s paid-up equity capital.

Joint venture structure

JFSL and Bank of America said the venture will combine JFSL’s digital reach and Indian-market knowledge with Bank of America’s financial-services, governance, risk-management and technology expertise. Jio Credit had assets under management of ₹30,667 crore as of June 30, 2026, built within two years of operations.

Following the transaction, Jio Credit’s board will have equal representation from JFSL and Bank of America. Its existing management team will continue to lead strategy and operations, while Jio Credit will remain consolidated as a subsidiary in JFSL’s financial reporting.

JFSL also clarified that the transaction is not a related-party transaction and that its promoter, promoter group and group companies have no interest in it.

Source: BSE corporate announcement.