Disclosure under Regulation 30 read with Schedule III of the SEBI (LODR) Regulations, 2015
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NSDL's board has approved diluting its stake in subsidiary NSDL Payments Bank Limited (NPBL) by 4.95% through a private placement to Protean eGov Technologies Limited. Protean will subscribe to 93,74,014 equity shares of NPBL at Rs. 32.22 per share (face value Rs. 10, premium Rs. 22.22), aggregating to about Rs. 30.20 crore. As a result, NSDL's direct holding in NPBL will drop from 88.89% to 84.49%, and its total holding (direct + indirect) from 100% to 95.05%. NPBL will cease to be a wholly owned subsidiary but will continue to be a subsidiary of NSDL. Both parties have signed a Share Subscription Agreement and a Shareholders' Agreement.
NSDL retains control of NPBL with 95.05% total ownership, so consolidated earnings impact will be marginal. The entry of Protean as a strategic partner could strengthen NPBL's e-governance and payments capabilities, which is a long-term positive for the subsidiary's growth.