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Bank of India acquires over 5.5% stake in ONDC for Rs 10 crore

State-owned Bank of India has acquired over 5.5 per cent stake in Open Network for Digital Commerce (ONDC) for Rs 10 crore, the lender said on Tuesday

Topics
Bank of India | acquisition

Press Trust of India  |  New Delhi 



Among the first to exit PCA in February 2019, BOI has significantly reduced its gross non-performing assets (NPA) from 16.3 per cent in Q3 FY20 to 13.3 per cent in December quarter

State-owned has acquired over 5.5 per cent

stake in Open Network for Digital Commerce (ONDC) for Rs 10 crore, the lender said on Tuesday.

On September 27, 2022, the bank invested in the capacity of promoter shareholder of ONDC, an amount of Rs 10 crore in ONDC, under the private placement route, said in a regulatory filing.

The bank said its shareholding in the company will be 5.56 per cent of the total shareholding in ONDC as on September 27, 2022.

In absolute terms, it has acquired 10,00,000 equity shares for Rs 100 each in the to-be operational digital commerce company, incorporated in December 2021.

A number of other have acquired stakes in ONDC.

ONDC is aimed at promoting open networks for all aspects of the exchange of goods and services over digital or electronic networks in the country.

The framework is expected to make e-commerce more inclusive and accessible to consumers and sellers.

(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.)


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First Published: Tue, September 27 2022. 21:50 IST

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