HDFC Bank, Kotak Mahindra Bank, and Axis Bank have each purchased a 7.84 percent stake in ONDC, an open public digital infrastructure framework business.
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Key Points:
- Each of the three banks has put in Rs 10 crore in the company.
- In a regulatory statement on Wednesday, HDFC Bank said it now owns 7.84 percent of ONDC’s equity share capital after allotting 10 lakh equity shares for Rs 10 crore.
- “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 percent in ONDC as of March 22,,” according to another filing.
- Axis Bank said in a separate filing that ONDC allotted 10,00,000 equity shares with a face value of Rs 100 apiece for a consideration of Rs 10 crore on March 22.
- The bank now owns 7.84 percent of ONDC following the allotment.
- The lenders stated that their investment in ONDC is intended to assist in the development and transformation of the Indian digital commerce ecosystem.
About ONDC:
ONDC was founded in India on December 30, 2021, with the goal of developing and transforming the country’s digital infrastructure. Both goods and services are available in India’s digital commerce ecosystem.
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