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. 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, Bank of India said in a regulatory filing.
According to the bank, as of September 27, 2022, its shareholding in the company will be 5.56 per cent of ONDC’s total shareholding.
Absolute numbers show that it has acquired 100,000 equity shares in the upcoming digital commerce company, which was incorporated in December 2021, for Rs 100 each.
Some other banks have acquired stakes in ONDC.
The objective of ONDC is to promote open networks for all facets of the exchange of goods and services across digital or electronic networks in the country.
The framework is expected to increase the accessibility and inclusiveness of e-commerce for both consumers and sellers.