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South Indian Bank, Canara, Axis, Indian Bank purchase stake in IBBIC

Capital Market 

Canara Bank, Axis Bank, Indian Bank and South Indian Bank have acquired 6.67% stake each in financial technology firm, IBBIC, at Rs 10 per equity share for a cash consideration of Rs 5 lakh each.

Canara Bank (down 0.27%), Axis Bank (down 1.54%), Indian Bank (up 0.40%) and South Indian Bank (up 4.56%) advanced.

Post investment, all the partners will hold 6.67% shareholding in IBBIC on fully diluted basis through acquisition the of 50,000 equity shares. The transaction is expected to be completed by the end of December 2020. The announcement was made after market hours on Friday, 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.

Additionally, the lenders said the company registration application of IBBIC will be submitted to the Registrar of Companies, Mumbai by the end of this month.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, November 23 2020. 10:16 IST