Axis Bank has become one of the initial subscribers to the Memorandum and Articles of Association of IBBIC Private Limited (IBBIC) on 20 November 2020.
IBBIC is proposed to be incorporated as a financial technology company with an objective of providing a platform for exploring, building and implementing Distributed Ledger Technology (DLT) solutions for the Indian financial services sector.
Post investment, Axis Bank will hold 6.67% shareholding in IBBIC on fully diluted basis through acquisition of 50,000 equity shares of face value Rs. 10 each.
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