Money & Banking

Axis Bank buys 5.55% stake in financial technology firm IBBIC

PTI New Delhi | Updated on July 27, 2021

The platform offers distributed ledger technology solutions to financial services sector

Axis Bank on Tuesday said it bought 5.55 per cent stake in financial technology firm IBBIC.

The bank has subscribed to 50,000 equity shares of face value of ₹10 each fully paid up of IBBIC for a consideration of ₹10 per equity share constituting 5.55 per cent of the issued and paid up capital of IBBIC, Axis Bank said in a regulatory filing.

DLT solutions

Incorporated in May this year, IBBIC platform offers distributed ledger technology (DLT) solutions to the Indian financial services sector.

“Equity ownership of IBBIC is aimed at providing DLT solutions for the financial services sector,” Axis Bank said.

The equity is acquired for a cash consideration of ₹5 lakh, it said.

DLT, more commonly known as blockchain technology, is a protocol to enable secure functioning of a decentralised digital database. It stores information securely using cryptography.

Stock of Axis Bank traded 2.47 per cent down at ₹737.45 apiece on the BSE.

Published on July 27, 2021

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