The board of National Securities Depository (NSDL) has approved for dilution of its shareholding in NSDL Payments Bank (NPBL) by 4.95%. Accordingly, NPBL, a wholly owned subsidiary of the Company, has executed the Share Subscription Agreement and the Shareholders' Agreement with Protean eGov Technologies (Protean) for the issuance and allotment of 93,74,014 equity shares of face value Rs.10/- each at an issue price of Rs. 32.22/- per share (including share premium of Rs. 22.22/- per share) aggregating to Rs. 30,20,30,731/- to Protean by way of private placement, subject to statutory and regulatory requirements.
Consequent to the said transaction, the direct shareholding of NSDL in NPBL shall stand diluted from 88.89% to 84.49% and total shareholding (direct and indirect) of NSDL in NPBL, which constitutes to 100%, shall be reduced to 95.05%, however the number of equity shares held by the Company in NBPL remains unchanged. Consequently, NPBL will cease to be a wholly owned subsidiary, however it will continue to be a subsidiary of the Company.