New Delhi: Shares of Jio Financial Services climbed over 3 per cent on Thursday, August 13, after the firm and Bank of America announced that the US-based lender will acquire a 49.9 per cent stake in the Mukesh Ambani-promoted company’s lending arm, Jio Credit, for USD 1.9 billion or Rs 18,268 crore.

The stock rose 3.27 per cent to Rs 263.35 on the BSE.

On the NSE, it climbed 2.87 per cent to Rs 263.40.

Bank of America (BofA) and Jio Financial Services (JFSL) have entered into a joint venture agreement under which BofA will pick up shares through a preferential issue and warrants, according to an exchange filing on Wednesday.

The venture will combine JFSL’s digital reach and knowledge of the Indian market with BofA’s global financial services expertise, it said.

Executives maintained that this is a financial investment for BofA in a key market and should not be construed as it getting into retail lending.

The two-year-old Jio Credit has focused on the small businesses segment and retail borrowers with products like home loans till now.

JCL is among India’s fastest-growing NBFCs, having built assets under management (AUM) of Rs 30,667 crore as of June 30, 2026, within just two years of operations, a joint statement said.

However, it has yet to enter unsecured lending and consumer finance, which were considered the biggest segments the company would target at launch.

The deal further cements Jio’s preference for tying up with global majors for each of its businesses. Earlier, it entered into similar partnerships with German company Allianz to sell insurance in India and US-based asset manager BlackRock to foray into the mutual funds business.