Bank of America (BofA) plans to invest up to ₹18,268 crore in Jio Credit Limited (JCL), the lending arm of Jio Financial Services, through acquisition of equity shares and warrants in the joint venture. The acquisition would be made through a preferential allotment of equity shares and warrants. The transaction will give BofA a 26.5% equity interest in JCL, and can go up to 49.9% upon exercise of the warrants. “Our strategic partnership with BofA is a pivotal milestone in this mission. By combining Jio Financial Services’ scale, local expertise and customer base with its global reach, digital experience and close to 250 years of leadership in banking, BofA can help expand access to financial services and support India’s continued economic growth, according to him.