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Punjab National Bank share price up on plan to buy 9.5% stake in Open Network Digital Commerce

ONDC Ltd is being established with a mandate to develop an open network for digital commerce, PNB said in a regulatory filing

November 30, 2021 / 10:12 AM IST

The share price of Punjab National Bank rose nearly 2 percent on November 30 after the state-owned lender said it would pick up more than 9 percent stake and become a promoter in Open Network Digital Commerce(ONDC), which is yet to be incorporated.

The lender said it would participate in buying a 9.5 percent of equity capital of ONDC Ltd or invest Rs 25 crore, whichever is lower. The investment would be done in one or more tranches but the timeline had not been finalised, the lender said in a regulatory filing.

At 09.53 am, the stock was up 1.6 percent at Rs 38.20.

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As the acquisition of shareholding was below 10 percent, regulatory approval would not be required, the bank said.

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India is working on setting up an ONDC infrastructure, which facilitates e-commerce by providing equal opportunities to all marketplace players.
Moneycontrol News
first published: Nov 30, 2021 10:12 am
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