Axis Bank buys 5.55 pc stake in fintech firm IBBIC

Axis Bank, IBBIC

Axis Bank said it has bought 5.55 per cent stake in financial technology firm IBBIC. The bank has subscribed to 50,000 equity shares of face value of Rs 10 each fully paid up of IBBIC Private Ltd (IBBIC) for a consideration of Rs 10 per equity share constituting 5.55 per cent of the issued and paid-up capital of IBBIC, Axis Bank said in a regulatory filing.

Incorporated in May this year, IBBIC platform offers distributed ledger technology (DLT) solutions to the Indian financial services sector.

“Equity ownership of IBBIC is aimed at providing DLT solutions for the financial services sector,” Axis Bank said.

The equity is acquired for a cash consideration of Rs 5 lakh, it said.

DLT, more commonly known as blockchain technology, is a protocol to enable secure functioning of a decentralised digital database. It stores information securely using cryptography.

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