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 share price has fallen over 11% in one month and declined 27% on a year-to-date (YTD) basis. The stock of Reliance Industries’ NBFC subsidiary has dropped 34% in six months and 32% in the past one year.

With a strong focus on digital financial solutions, the company is well-positioned for growth in India’s financial sector

The acquisition will raise Jio Fin’s shareholding in Jio Payments Bank from 82.17% to 100%, converting it into a wholly-owned subsidiary.

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,