Axis Bank buys 5.55% stake in financial technology firm IBBIC

Axis Bank on Tuesday said it has bought 5.55 percent 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 percent 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.