State Bank of India acquires 7.84% stake in Open Network for Digital Commerce for Rs10 crore; Stock up 1%

23 Mar 2022 , 09:32 AM

State Bank of India has made an investment of Rs10 crore in Open Network for Digital Commerce for 7.84% stake by way of the equity share capital of ONDC directly by way of subscription to 10 lakh equity shares of face value of Rs100 each fully paid up.

ONDC was incorporated on December 30, 2021. It is engaged in creating an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services by increasing its reach to every individual and business enterprise, so as to increase the ease of doing business online and to expand alternatives for both buyers and sellers to engage in the digital commerce space.

“Equity ownership of ONDC is aimed at providing an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services,” company said in a filing on Tuesday.

At around 9.34 am, State Bank of India was trading at Rs499.20 per piece up by Rs5.3 or 1.07% from its previous closing of Rs493.90 per piece on the BSE.