Protean eGov Technologies Limited has acquired a 4.95% stake in NSDL Payments Bank Limited, a subsidiary of National Securities Depository Limited.
Luthra and Luthra Law Offices India advised Protean on this transaction. The Luthra Team conducted comprehensive legal and regulatory due diligence on NPBL and was responsible for drafting, negotiating and closing the definitive transaction documents, including the Share Subscription Agreement and Shareholders’ Agreement. The team also drafted and negotiated the Master Service Agreement and a Framework Agreement governing the provision of technology and related services by Protean to NPBL.
In addition, the team advised on deal structuring, process and execution-related formalities, and provided critical opinion on the governance rights of Protean under the transaction documents, helping align the legal framework with the parties’ long-term strategic objectives.
The transaction team consisted of Pradnesh Warke (Partner), Ravi Raj Shekhar (Senior Associate), Associates Devashree Kulkarni and Pragya Rani.
This deal between Protean and NSDL Payments Bank Limited is aimed at scaling secure and compliant digital banking technologies to serve underserved segments, leveraging Protean’s nationwide assisted network and NPBL’s digital-first platform.
By combining Protean’s experience in building population-scale e-governance platforms with NPBL’s reach in payments and banking services, the partnership intends to accelerate the delivery of citizen-centric financial services and strengthen both entities’ market presence in the digital financial ecosystem.
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