BofA to invest $1.9 billion for 49.9% stake in Jio Financial NBFC unit

Bank of America will invest USD 1.9 billion for up to 49.9 percent stake in Jio Financial's non-banking lender arm through a preferential allotment of equity shares and warrants, taking an initial 26.5 percent stake. The joint venture marks one of the largest foreign investments in India's financial services sector, alongside MUFG's deal with Shriram Finance and Emirates NBD's 60 percent stake buy in RBL Bank.