Kotak Mahindra Bank, Axis Bank acquire nearly 8% stake each in ONDC

Industry:    2022-03-24

Private lenders Kotak Mahindra Bank and Axis Bank have each acquired 7.84% stake in Open Network Digital Commerce (ONDC) for ₹10 crore.

“This is to inform you that ONDC has on March 22, 2022 allotted Axis Bank 10,00,000 equity shares of face value of Rs. 100 each for a consideration of ₹10 crore. Post allotment, the shareholding of the Bank in ONDC is 7.84%,” Axis Bank said in a filing.

In a separate filing, Kotak Mahindra Bank said it has subscribed to 10,00,000 equity shares of ONDC for a consideration of ₹10 crore, translating into an equity shareholding of 7.84% in ONDC as on 22 March.

ONDC was incorporated in India on December 30, 2021 and is into creating an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services.

ONDC is engaged in creating an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services and to expand alternatives for both buyers and sellers to engage in the digital commerce space.

Both Banks said they wish to participate in the creation of infrastructure to develop and transform the Indian digital commerce ecosystem and has therefore made the investment in ONDC.

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