India's Jio Financial Services will buy shares it did not already own in its joint venture for 1.05 billion rupees ($12.03 million) from partner State Bank of India to bolster financial operations, the Reliance group company said on Tuesday.

Jio Financial Services stock surged nearly 5% on Wednesday. The board of this Mukesh Ambani-backed company had approved the acquisition of 7.9 crore shares of Jio Payments Bank Ltd from State Bank of India.

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Jio Financial Services, which was a subsidiary of Mukesh Ambani’s Reliance conglomerate, declared itself as a separate entity and listed on the Indian stock exchanges. The firm's current market capitalisation stands at Rs 1.

JFSL currently holds 82.17% of the paid-up equity share capital of Jio Payments Bank Limited, a joint venture of the company and SBI. Post this acquisition, JPBL will become a wholly-owned subsidiary of JFSL.

Reliance Industries-backed Jio Financial Services (JFS) saw its share price surge over 5% on Wednesday after the company announced a major acquisition.The non-banking financial company (NBFC), which had been witnessing a continuous decline,

The financial services provider currently holds 82.17 per cent stakes of Jio Payments Bank Limited, a joint venture of Jio Financial and SBI, begun in 2018. Post this acquisition, JPBL will become a wholly owned subsidiary of the company,