Kotak Mahindra Bank and Axis Bank have acquired 7.84-7.84 per cent stake in Open Network for Digital Commerce (ONDC). Both the banks have invested Rs 10 crore each in this unit. Kotak Mahindra Bank said in a communication to the stock exchanges, “The bank has acquired 10,00,000 equity shares of ONDC. This takes its stake in ONDC to 7.84 per cent as on March 22, 2022.
Axis Bank said in a separate communication that ONDC has allotted 10 lakh equity shares of face value of Rs 100 to Axis Bank on March 22. After this allotment, the bank’s stake in ONDC has gone up to 7.84 per cent.
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Significantly, ONDC was formed in India on December 30, 2021. The company envisions the growth and transformation of the Indian digital commerce ecosystem into an open public digital infrastructure for both goods and services.