The private placement investment of INR 10 million by the state-owned Bank of India in the government-backed ecommerce venture Open Network for Digital Commerce was made by the Bank of India.
The bank will own 5.56% of ONDC once the transaction is complete.
One million equity shares were purchased by the Bank of India at INR 100 each. The transaction is expected to be completed in the second quarter of fiscal 2022-23. (September-end).
ONDC was established as a private non-profit corporation. It will enable sellers from many industries to list on the platform, and offer a range of services to customers from one location.