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regular-article-logo Monday, 24 June 2024

HDFC Bank, Kotak Mahindra Bank and Axis Bank acquire 7.84% stake each in ONDC

All the three banks have invested Rs 10 crore each in the entity

PTI New Delhi Published 24.03.22, 04:55 AM
Kotak Mahindra Bank has subscribed to 10,00,000 equity shares of Open Network for Digital Commerce for Rs 10 crore

Kotak Mahindra Bank has subscribed to 10,00,000 equity shares of Open Network for Digital Commerce for Rs 10 crore File Picture

Private sector lenders HDFC Bank, Kotak Mahindra Bank and Axis Bank have acquired a 7.84 per cent stake each in ONDC, an open public digital infrastructure framework entity.

All the three banks have invested Rs 10 crore each in the entity.

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HDFC Bank now holds 7.84 per cent of the equity share capital of ONDC by way of allotment of 10 lakh equity shares for Rs 10 crore, it said in a regulatory filing on Wednesday.

“Kotak Mahindra Bank has subscribed to 10,00,000 equity shares of Open Network for Digital Commerce (ONDC) for Rs 10 crore, translating into an equity shareholding of 7.84 per cent in ONDC as on March 22,” the lender said in another filing.

In a separate filing, Axis Bank said ONDC on March 22 allotted Axis Bank 10,00,000 equity shares of face value of Rs 100 each for a consideration of Rs 10 crore.

Post allotment, the shareholding of the bank in ONDC is 7.84 per cent.

Digital push

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.

The lenders said the purpose of the investment in ONDC is to help create an infrastructure to develop and transform the Indian digital commerce ecosystem.

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