Search
Bank of India acquires 5.56% stake in ONDC
September 28, 2022
State-owned lender, Bank of India, said on Tuesday that it has acquired over 5.56 per cent stake in Open Network for Digital Commerce (ONDC) for ₹10 crore. “In accordance with the provisions of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that on 27.09.2022, Bank has invested in the capacity of Promoter Shareholder of ONDC, an amount of ₹10 crore in Open Network for Digital Commerce (ONDC), under Private Placement Route,” stated the lender in a regulatory filing.
It said that as of September 27, the lender’s shareholding in the company amounts to 5.56 per cent of the total shareholding as a result of the equity participation.
The bank said that the deal is expected to complete in the second quarter of FY23.
In absolute terms, it has acquired 10,00,000 equity shares for ₹100 each in the yet-to-be operational digital commerce company, incorporated in December 2021.
Not only Bank of India, other banks had also acquired stakes in ONDC. ICICI Bank acquired 10 lakh equity shares – amounting to 5.97 per cent stake in ONDC for ₹10 crore in March. Similarly, Punjab National Bank had also acquired 5.97 per cent stake in ONDC for ₹10 crore in March.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://ask.careers/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/
- Mumbai: https://ask.careers/cities/mumbai/
- TSCFM: https://ask.careers/institutes/tscfm/
