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.)
First Published: Nov 29 2021 | 8:51 PM IST