Axis Bank acquires 7.84% stake in Open Network for Digital Commerce; Stock under pressure

24 Mar 2022 , 12:45 PM

Open Network for Digital Commerce (“ONDC”) has on March 22, 2022 allotted Axis Bank Limited (“Bank”) 10,00,000 equity shares of face value of Rs. 100 each for a consideration of Rs. 10,00,00,000. Post allotment, the shareholding of the Bank in ONDC is 7.84%.

ONDC is engaged in creating an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services and to expand alternatives for both buyers and sellers to engage in the Digital Commerce space.

As per regulatory filing, the Bank wishes to participate in the creation of infrastructure to develop and transform the Indian digital commerce ecosystem and has therefore made the investment in ONDC.

At around 12:47 PM, Axis Bank was trading at Rs721.80 apiece down by Rs4.85 or 0.67% on the BSE.