Canara Bank, Axis Bank, Indian Bank, and South Indian Bank acquire 6.67% stake each in IBBIC

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

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

By the end of this month, the company registration application of IBBIC will be submitted to the Registrar of Companies, Mumbai.

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

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