Private sector lender ICICI Bank on Tuesday said it has accepted to acquire 10 lakh equity shares in Open Network for Digital Commerce (ONDC) for Rs 10 crore. After the acquisition of shares, the bank will hold a 5.97 percent stake in ONDC.

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The bank has on March 28, 2022, accepted the offer to acquire 10,00,000 equity shares of Open Network for Digital Commerce, ICICI Bank said in a regulatory filing.

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Open Network for Digital Commerce (ONDC) was incorporated on December 30, 2021, which is engaged in creating an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for goods and services. It aims to expand alternatives for buyers and sellers to engage in digital commerce space.

"Post allotment, ICICI Bank will hold a 5.97 percent stake in ONDC through the acquisition of 10,00,000 equity shares of the 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.

(Edited by : Jomy Jos Pullokaran)

First Published:Mar 29, 2022 10:58 PM IST