Trading Symbol: JIOFIN

Date: August 12, 2026

Board Meeting Outcomes

The Board of Directors of Jio Financial Services Limited at its meeting held on August 12, 2026, approved the execution of:

  • (i) Share Subscription Agreement
  • (ii) Shareholders' Agreement

among the Company, Jio Credit Limited (JCL) and NB Holdings Corporation (NB Holdings, USA), wholly owned subsidiary of Bank of America Corporation (BofA) for investment of up to ₹18,268.22 crore by NB Holdings, USA in JCL.

The said agreements were executed on August 12, 2026 at 8:15 PM (IST).

The meeting concluded at 6:42 PM (IST).

Investment Structure

The investment involves preferential issue on a private placement basis and is subject to statutory and regulatory approvals:

  • Up to 4,29,29,760 equity shares of face value ₹10 each (representing 26.50% of post-issue paid-up equity share capital of JCL) for aggregate consideration of up to ₹6,612.90 crore
  • Up to 7,56,64,248 warrants for aggregate consideration of up to ₹11,655.32 crore
  • Each warrant convertible within 18 months from date of allotment into 1 fully paid-up equity share of JCL
  • 25% of warrant consideration payable at subscription, balance payable at conversion

Post conversion of all warrants, NB Holdings, USA will hold 49.90% of the paid-up equity share capital of JCL.

Corporate Governance

The transaction is not a related party transaction.

None of the Company's promoter/promoter group/group companies have any interest in the transaction.

JCL's Board of Directors will have equal representation from both JFSL and BofA.

The existing management team of JCL will continue driving strategy and operations.

JCL will continue to be consolidated as a subsidiary in JFSL's financial reporting.

Operational Context

Jio Credit Limited is a wholly-owned NBFC subsidiary of JFSL (formerly known as Jio Finance Limited).

JCL has built assets under management (AUM) of ₹30,667 crore (~$3.2 billion USD) as of June 30, 2026.

JCL operates as a digital-first lender with diverse suite of lending products including retail assets, mortgages, loans against securities, commercial and supply chain finance.

The joint venture combines JFSL's digital reach and knowledge of Indian market with BofA's global financial services expertise, governance, risk management, and technology.

Media Release Highlights

  • Investment value: ₹18,268 crore (~$1.9 billion USD)
  • Initial equity interest: 26.5% which can increase to 49.9% upon warrant exercise
  • JCL described as among India's fastest growing NBFCs with two years of operations
  • Partnership aims to improve clients' financial lives through digital access, innovation, and credit access
  • Both companies share vision of responsible credit democratization with lower costs and transparency

Management Comments

Mukesh D. Ambani emphasized commitment to making finance seamless and simpler for Indians through technology and governance standards, calling the partnership "a pivotal milestone" in their mission.

Brian Moynihan, Chair and CEO of Bank of America, expressed confidence in India's growth market and excitement about partnering with JFSL, noting the combination of Jio's scale with BofA's 250 years of banking leadership.