 "PNB to pick up 9.5% stake in Open Network for Digital Commerce Ltd")
Public sector Punjab National Bank (PNB) will invest as a promoter in Open Network for Digital Commerce by picking up over 9 per cent stake in the company, which is yet to be incorporated.
Open Network for Digital Commerce (ONDC) Ltd is being established with a mandate to develop an open network for digital commerce, PNB said in a regulatory filing.
The Delhi-headquartered lender said its participation in ONDC is 9.5 per cent equity capital in the company, or Rs 25 crore, whichever is lower.
"Such investment will be made in one or more tranches. The timeline for making the investment is yet to be finalised," it said.
As the acquisition of shareholding is below 10 per cent, regulatory approval is not required, it added.
India is working on setting up an ONDC infrastructure which facilitates e-commerce by providing equal opportunities to all marketplace players.
In such a platform, the buyer can sell on a platform without being registered over there and vice-versa.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app