Bank of India purchases 5.5% stake in ONDC for Rs 10 crore

Over 5.5 % of Open Network for Digital Commerce (ONDC) was purchased by state-owned Bank of India for Rs10 crore, the institution announced on Tuesday

September 28, 2022 9:30 IST | India Infoline News Service

Over 5.5% has been bought by the government-owned Bank of India. The lender announced on Tuesday that it has purchased a 10 crore rupee stake in Open Network for Digital Commerce (ONDC).

According to a regulatory filing by the Bank of India, the bank made a private placement investment in ONDC on September 27, 2022, totaling Rs10 crore in its position as promoter shareholder of ONDC.

As of September 27, 2022, the bank claimed its ownership in the corporation will be 5.56% of all ONDC shares. In all, it has purchased 10,00000 equity shares at a price of Rs100 apiece in the upcoming digital commerce business, which would be formed in December 2021.

Other banks have invested in ONDC by acquiring shares. The objective of ONDC is to promote open networks for all facets of the exchange of goods and services across electronic or digital networks in the nation. The framework should increase both sellers' and buyers' access to and participation in e-commerce.

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