ICICI Bank to buy 1 mn shares in open network e-commerce platform ONDC

Private sector lender ICICI Bank on Tuesday said it has accepted to acquire 1 million equity shares in Open Network for Digital Commerce (ONDC) for Rs 10 crore.

After the acquisition of shares, the bank will hold a 5.97 per cent stake in ONDC.

The bank has on March 28, 2022, accepted the offer to acquire 10,00,000 equity shares of Open Network for Digital Commerce, ICICI Bank said in a regulatory filing.

Open Network for Digital Commerce (ONDC) was incorporated on December 30, 2021 which is engaged in creating an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for goods and services. It aims to expand alternatives for buyers and sellers to engage in digital commerce space.

"Post allotment, ICICI Bank will hold 5.97 per cent stake in ONDC through acquisition of 10,00,000 equity shares of face value of Rs 100 each. The shareholding is subject to change and is dependent on closure of transaction by other participating investors," the bank said.