Axis Bank acquires 7.84 per cent stake in ONDC

BL Mumbai Bureau | | Updated on: Mar 23, 2022

An employee speaks on his mobile phone as he walks inside Axis Bank's corporate headquarters in Mumbai July 17, 2012. Axis Bank, India's third largest private lender, posted a 22.5 percent rise in June quarter net profit, meeting street expectations. REUTERS/Vivek Prakash (INDIA - Tags: BUSINESS) | Photo Credit: VIVEK PRAKASH

Private lender seeks to participate in the creation of infrastructure for Indian digital commerce

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.

ONDC 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.

Published on March 23, 2022
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