Kotak Mahindra Bank Limited to invest in ONDC

Kotak Mahindra Bank Limited ("Bank") has subscribed to 10,00,000 Equity Shares of Open Network for Digital Commerce ("ONDC") for a consideration of Rs. 10,00,00,000/-, translating into an equity shareholding of 7.84% in ONDC as on March 22, 2022.

The Bank wishes to participate in the creation of infrastructure to develop and transform the Indian digital commerce ecosystem and has therefore made the investment in ONDC.

ONDC is engaged in creating an open public digital infrastructure to develop and transform the Indian digital commerce ecosystem for both goods and services and to expand alternatives for both buyers and sellers to engage in the Digital Commerce space.

Shares of Kotak Mahindra Bank Limited was last trading in BSE at Rs. 1808.65 as compared to the previous close of Rs. 1775.20. The total number of shares traded during the day was 108514 in over 4205 trades.

The stock hit an intraday high of Rs. 1811.30 and intraday low of 1755.75. The net turnover during the day was Rs. 192300160.00.

Source : Equity Bulls

Keywords

KotakMahindraBank INE237A01028 OpenNetworkforDigitalCommerce ONDC Investment