NSDL Reduces 4.95% Stake in Payments Bank via ₹30.2 Cr Protean Investment
National Securities Depository Limited has approved diluting its stake in NSDL Payments Bank by 4.95% to Protean eGov Technologies through a ₹30.20 crore private placement of 93.74 lakh equity shares. The transaction will reduce NSDL's direct holding from 88.89% to 84.49%, marking the first external partnership in its payments banking subsidiary since operations began in October 2018.
*this image is generated using AI for illustrative purposes only.
National Securities Depository Limited announced that its Board of Directors has approved the dilution of its shareholding in NSDL Payments Bank Limited (NPBL) by 4.95% to Protean eGov Technologies Limited. This strategic transaction involves the issuance of 93.74 lakh equity shares worth ₹30.20 crores through private placement.
Transaction Structure and Financial Details
NSDL Payments Bank Limited has executed Share Subscription Agreement and Shareholders Agreement with Protean eGov Technologies Limited for the transaction. The deal involves specific pricing and shareholding changes that will alter NSDL's ownership structure.
| Transaction Parameter: | Details |
|---|---|
| Shares to be Issued: | 93,74,014 equity shares |
| Face Value: | ₹10.00 per share |
| Issue Price: | ₹32.22 per share |
| Share Premium: | ₹22.22 per share |
| Total Transaction Value: | ₹30,20,30,731 |
| Transaction Method: | Private Placement |
Shareholding Impact and Ownership Changes
The transaction will result in significant changes to NSDL's ownership structure in its payments banking subsidiary. While NSDL's absolute number of shares in NPBL remains unchanged, the percentage holding will be diluted due to the new share issuance.
| Shareholding Changes: | Before Transaction | After Transaction |
|---|---|---|
| NSDL Direct Holding: | 88.89% | 84.49% |
| NSDL Total Holding: | 100.00% | 95.05% |
| Subsidiary Status: | Wholly-owned subsidiary | Subsidiary (non-wholly owned) |
| Protean's New Stake: | 0.00% | 4.95% |
Regulatory Compliance and Documentation
The disclosure was made pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The transaction remains subject to statutory and regulatory requirements for completion.
| Regulatory Details: | Information |
|---|---|
| Disclosure Date: | December 17, 2025 |
| Regulation: | SEBI LODR Regulation 30 |
| BSE Scrip Code: | 544467 |
| ISIN: | INE301O01023 |
| Status: | Subject to statutory approvals |
Strategic Implications for NSDL
Consequent to this transaction, NSDL Payments Bank will cease to be a wholly-owned subsidiary of National Securities Depository Limited, however it will continue to be a subsidiary of the company. This marks NSDL's first external partnership in its payments banking venture since NPBL commenced operations in October 2018.
The partnership with Protean eGov Technologies, a company with expertise in building regulated digital systems, aligns with the broader digital transformation of India's financial ecosystem. This collaboration is expected to leverage both companies' strengths in developing population-scale digital infrastructure and future-ready banking technologies.
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