ICICI Financial institution will purchase 10 lakh fairness shares in Open Community for Digital Commerce (ONDC) for ₹10 crore, the non-public lender mentioned. The financial institution will maintain a 5.97% stake in ONDC after the acquisition.
ICICI Financial institution mentioned in a regulatory submitting, the financial institution has on March 28, 2022, accepted the provide to amass 10,00,000 fairness shares of Open Community for Digital Commerce.
Open Community for Digital Commerce (ONDC) was integrated on December 30, 2021 which is engaged in creating an open public digital infrastructure to develop and rework the Indian digital commerce ecosystem for items and providers. It goals to increase options for patrons and sellers to interact in digital commerce house.
“Put up allotment, ICICI Financial institution will maintain 5.97 per cent stake in ONDC by way of acquisition of 10,00,000 fairness shares of face worth of ₹100 every. The shareholding is topic to alter and depends on closure of transaction by different taking part traders,” the financial institution mentioned.
Supply: Live Mint