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Axis Bank has invested ₹10 crore to acquire 7.84 per cent stake in Open Network for Digital Commerce, an initiative of the Ministry of Commerce and Industry to create open public digital infrastructure.
“...Open Network for Digital Commerce (ONDC) has on March 22, 2022, allotted Axis Bank 10,00,000 equity shares of face value of ₹100 each for a consideration of ₹10,00,00,000. Post allotment, the shareholding of the bank in ONDC is 7.84 per cent,” the private sector lender said in a stock exchange filing on Wednesday.
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SBI picks up 7.84% stake in ONDC
ONDC is an initiative of Commerce Ministry to create an open public digital infrastrucutreONDC was incorporated on December 30, 2021, and aims to develop the Indian digital commerce ecosystem for goods and services, as well as buyers and sellers.
“The bank wishes to participate in the creation of infrastructure to develop and transform the Indian digital commerce ecosystem and has therefore made the investment in ONDC,” Axis Bank said.
Recently, State Bank of India had picked up 7.84 per cent stake in ONDC.
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