[
The U.S. lender will be a joint venture partner in Jio Financial’s non-bank lending arm through a preferential allotment of equity shares and warrants.
The transaction initially gives Bank of America a 26.5% stake, which can go up to 49.9% upon exercise of the warrants.
The deal is the latest large investment in India’s financial services sector, which include Japan’s MUFG investment in Shriram Finance and Dubai-based bank Emirates NBD’s 60% stake in lender RBL Bank.
“The investment will allow BofA to expand its participation in the rapidly growing Indian market …. while doing so with a partner that has local expertise,” the companies said in a statement.
https://img.etimg.com/thumb/msid-133187379,width-1200,height-630,imgsize-66230,overlay-etmarkets/articleshow.jpg
https://economictimes.indiatimes.com/markets/stocks/news/update-1-bofa-to-invest-1-9-billion-for-49-9-stake-in-jio-financial-nbfc-unit/articleshow/133187370.cms
