<p>Axis Bank on Tuesday said it has bought 5.55 per cent stake in financial technology firm IBBIC.</p>.<p>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.</p>.<p>Incorporated in May this year, IBBIC platform offers distributed ledger technology (DLT) solutions to the Indian financial services sector.</p>.<p>"Equity ownership of IBBIC is aimed at providing DLT solutions for the financial services sector," Axis Bank said.</p>.<p>The equity is acquired for a cash consideration of Rs 5 lakh, it said.</p>.<p>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.</p>.<p>Stock of Axis Bank traded 2.47 per cent down at Rs 737.45 apiece on BSE. </p>
<p>Axis Bank on Tuesday said it has bought 5.55 per cent stake in financial technology firm IBBIC.</p>.<p>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.</p>.<p>Incorporated in May this year, IBBIC platform offers distributed ledger technology (DLT) solutions to the Indian financial services sector.</p>.<p>"Equity ownership of IBBIC is aimed at providing DLT solutions for the financial services sector," Axis Bank said.</p>.<p>The equity is acquired for a cash consideration of Rs 5 lakh, it said.</p>.<p>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.</p>.<p>Stock of Axis Bank traded 2.47 per cent down at Rs 737.45 apiece on BSE. </p>