ICICI Bank has agreed to pay Rs 10 crore for 1 million equity shares in Open Network for Digital Commerce (ONDC). Following the purchase of shares, the bank will own a 5.97% interest in ONDC.
ICICI Bank said in a regulatory filing that it accepted an offer to buy 10,00,000 equity shares in Open Network for Digital Commerce on March 28, 2022. On December 30, 2021, the Open Network for Digital Commerce (ONDC) was established with the goal of developing and transforming the Indian digital commerce ecosystem for goods and services by providing an open public digital infrastructure. Its goal is to give buyers and sellers more options for engaging in digital commerce. “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.
