National Securities Depository to Divest Nearly 5% Stakes in Subsidiary NSDL Payments Bank

MT Newswires Live12-17

National Securities Depository (BOM:544467) has agreed to divest a 4.95% stake in NSDL Payments Bank to Protean eGov Technologies for 302 million Indian rupees, according to a BSE filing on Wednesday.

Under the sale agreement, the company will issue and allot around 9.4 million equity shares of face value of 10 rupees each at an issue price of 32.22 rupees per share, including a share premium of 22.22 rupees per share, to Protean through private placement.

On completion of the transaction, the company's direct shareholding of NSDL Payments will decline from 88.89% to 84.49% and its total shareholding, including indirect stake, will reduce from 100% to 95.05%.

With this, NSDL Payments will no longer be a wholly-owned subsidiary, but will continue to be a subsidiary of the company.

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