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    Indian Bank, Canara, Axis, South Indian Bank buy equal stakes in fintech firm IBBIC

    Synopsis

    All these banks have acquired 6.67 per cent stake each (representing 50,000 equity shares) in IBBIC for a cash consideration of Rs 5 lakh.

    chart-1-gettyGetty Images
    The indicative time period for completion of the acquisition is December-end, 2020.
    New Delhi: Canara Bank, Axis Bank, Indian Bank and South Indian Bank on Friday said they have acquired 6.67 per cent stake each in financial technology firm IBBIC.

    IBBIC Private Limited is proposed to be incorporated as a financial technology company with an objective of providing a platform for exploring, building and implementing Distributed Ledger Technology (DLT) solutions for the Indian financial services sector, the banks said in separate filings to exchanges.

    The company name is subject to approval of the Registrar of Companies, Mumbai, they added.

    All these banks have acquired 6.67 per cent stake each (representing 50,000 equity shares) in IBBIC for a cash consideration of Rs 5 lakh.

    The indicative time period for completion of the acquisition is December-end, 2020.

    Further, the lenders said the company registration application of IBBIC will be submitted to the Registrar of Companies, Mumbai by the end of this month.

    A distributed ledger or shared ledger technology is a consensus of replicated, shared, and synchronised digital data geographically spread across multiple sites, countries or institutions.




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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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