Protean eGov Acquires 4.95% Stake in NSDL Payments Bank
Filing Summary
Protean eGov Technologies Ltd has approved the acquisition of a 4.95% equity stake in NSDL Payments Bank Limited for a cash consideration of INR 30 crore. The acquisition involves the purchase of 93,74,014 equity shares and is expected to be completed within 60 days. NSDL Payments Bank, a subsidiary of National Securities Depository Ltd, operates in the financial services sector with a focus on digital banking solutions. Additionally, Protean eGov has appointed Mr. V Easwaran as an Additional Executive Director, effective December 17, 2025.
Protean eGov Technologies Ltd has announced the acquisition of a 4.95% equity stake in NSDL Payments Bank Limited (NSDL PB). The decision was made during the Board of Directors meeting held on December 16, 2025. The acquisition involves an equity investment of INR 30 crore and the purchase of 93,74,014 equity shares in NSDL PB. This transaction is structured as a single cash consideration.
The acquisition does not fall under related party transactions, and it is conducted on an arm’s length basis. No directors from Protean eGov have any interest in this transaction. The transaction is expected to be completed within 60 days from the execution of the agreement. The acquisition is part of Protean eGov’s strategic initiatives to enhance its presence in the digital banking sector.
NSDL Payments Bank operates in the financial services industry with a focus on digital banking solutions. It offers a range of services including domestic money transfers, savings accounts, micro-ATMs, Aadhaar-Enabled Payment System (AePS), prepaid cards, and merchant acquisition services. The bank also distributes third-party products such as life insurance, health insurance, and mutual fund schemes. NSDL PB commenced operations in October 2018 and is a wholly-owned subsidiary of National Securities Depository Ltd.
The acquisition is expected to be finalized within 60 days, following the execution of the agreement. This timeline is indicative and subject to the fulfillment of necessary conditions and regulatory requirements. The transaction is structured as a cash consideration through equity subscription, with no share swap or other forms of consideration involved.
Protean eGov Technologies Ltd is the acquiring entity, while NSDL Payments Bank Limited is the target entity. The acquisition is conducted at arm’s length, ensuring no conflict of interest among the directors of Protean eGov. The transaction is part of Protean eGov’s broader strategy to expand its footprint in the digital financial services sector.
NSDL Payments Bank, as a subsidiary of National Securities Depository Ltd, focuses on financial inclusion and digital banking solutions. It operates on a business-to-business-to-consumer (B2B2C) model, providing services aimed at enhancing financial access for disadvantaged and low-income populations in remote areas of India. The bank’s recent financial performance includes a gross income of INR 721 crore for the fiscal year ending March 31, 2025.
In addition to the acquisition, Protean eGov Technologies Ltd has appointed Mr. V Easwaran as an Additional Director in the category of Executive Director, effective December 17, 2025. Mr. Easwaran brings over 30 years of experience in the banking industry, having previously worked with India Post Payments Bank, Kotak Mahindra Bank, HDFC Bank, and Standard Chartered Bank.
Protean eGov Technologies Ltd focuses on building digital infrastructure and solutions for various sectors. The company’s strategic initiatives include expanding its presence in the digital financial services sector and enhancing its capabilities in developing regulated digital systems. The acquisition of a stake in NSDL Payments Bank aligns with Protean eGov’s long-term vision of creating trusted, population-scale digital infrastructure.