New Delhi: Canara Bank, Axis Bank, Indian Bank and South Indian Bank on Friday stated they’ve acquired 6.67 per cent stake every in monetary expertise agency IBBIC.
IBBIC Personal Restricted is proposed to be included as a monetary expertise firm with an goal of offering a platform for exploring, constructing and implementing Distributed Ledger Know-how (DLT) options for the Indian monetary providers sector, the banks stated in separate filings to exchanges.
The corporate identify is topic to approval of the Registrar of Firms, Mumbai, they added.
All these banks have acquired 6.67 per cent stake every (representing 50,000 fairness shares) in IBBIC for a cash consideration of Rs 5 lakh.
The indicative time interval for completion of the acquisition is December-end, 2020.
Additional, the lenders stated the corporate registration utility of IBBIC can be submitted to the Registrar of Firms, Mumbai by the tip of this month.
A distributed ledger or shared ledger expertise is a consensus of replicated, shared, and synchronised digital information geographically unfold throughout a number of websites, international locations or establishments.