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Axis acquires 7.84% stake in Open network for digital commerce

March 23, 2022

Axis acquires 7.84% stake in Open network for digital commerce
Private sector moneylenders Axis Bank and Kotak Mahindra Bank on Wednesday said they have gained 7.84 percent stake each in Open Network for Digital Commerce (ONDC). Both the banks have put ₹10 crore each in the element.

“Bank has procured 7.84 percent shareholding in ONDC through membership of 10,00,000 Equity Shares of assumed worth of ₹100 each,” Kotak Mahindra Bank said in an administrative recording.

Through this obtaining, the moneylender said it “wishes to take an interest in the making of foundation to create and change the Indian advanced business environment”.

In a different documenting, Axis Bank said ONDC on March 22 assigned Axis Bank 10,00,000 value portions of presumptive worth of ₹100 each for a thought of ₹10 crore. Post designation, the shareholding of the bank in ONDC is 7.84 percent.

The organization is occupied with making an open public advanced foundation to create and change the Indian computerized business biological system for the two labor and products and to grow choices for the two purchasers and venders to take part in the computerized trade space.

Portions of Kotak Mahindra Bank on Wednesday exchanged 1.44 percent lower at ₹1,782.55 each on the BSE during the late exchange, though Axis Bank’s scrip exchanged 0.46 percent lower at ₹728.75.
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