Protean eGov okays ₹30-crore acquisition of NSDL Payments Bank stake

Protean eGov Technologies Ltd on Tuesday (December 16) said its board of directors approved the acquisition of a 4.95% equity stake in NSDL Payments Bank (NSDL PB) through an equity investment of ₹30.2 crore.

The transaction will be completed in a single cash-based equity subscription and is expected to be finalised within 60 days from the execution of the agreement. The acquisition involves 93,74,014 equity shares of NSDL PB.

NSDL Payments Bank, a wholly-owned subsidiary of National Securities Depository

Ltd, commenced operations in October 2018. It operates on a business-to-business-to-consumer (B2B2C) model and provides digital banking solutions and inclusive banking products.

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These include domestic money transfers, savings accounts, micro-ATMs, Aadhaar-enabled payment system (AePS), prepaid cards, merchant acquisition services including UPI payment and point-of-sale solutions, and distribution of third-party products such as life insurance, health insurance, and mutual fund schemes.

Protean stated that NSDL Payments Bank is not a related party and the transaction is conducted at arm’s length. No governmental or regulatory approvals are required for the acquisition. The company said the investment aligns with its long-term vision to develop future-ready digital banking technologies and expand its role in India’s financial ecosystem.

The board also appointed V Easwaran as an additional director in the category of executive director.

Shares of Protean eGov Technologies Ltd ended at ₹785.20, up by ₹3.40, or 0.43%, on the BSE today, December 16.

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