Kotak Bank invests Rs10 crore in ONDC for 7.84% stake

23 Mar 2022 , 02:44 PM

Kotak Mahindra Bank Limited has subscribed to 10 lakh Equity Shares of Open Network for Digital Commerce (ONDC) for a consideration of Rs10 crore, translating into an equity shareholding of 7.84% in ONDC as on March 22, 2022.

ONDC was incorporated in India on December 30, 2021, as a Section 8 company. It 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

“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,” it said in a filing on Wednesday.

At around 2.45 pm, Kotak Mahindra Bank Ltd was trading at Rs1,776.70 per piece down by Rs31.95 or 1.77% from its previous closing of Rs1,808.65 per piece on the BSE.