5paisa gains 57.41% GDPL stake through share swap deal

5paisa Capital Limited made Giskard Datatech Private Limited a subsidiary on November 3, 2026, after acquiring 66,148 equity shares and raising its fully diluted holding from 19.76% to 57.41% through a share swap valued at up to Rs 77.922344 crore.

What did 5paisa complete on November 3, 2026?

5paisa completed the acquisition of 66,148 equity shares of Giskard Datatech Private Limited, or GDPL, on November 3, 2026, using consideration other than cash under a share-swap arrangement. The transaction increased 5paisa’s fully diluted GDPL holding by 37.65 percentage points, from 19.76% to 57.41%. GDPL became a subsidiary of 5paisa from that date.

The November 4, 2026 disclosure describes the transaction as an update to stock-exchange intimations dated July 28 and July 29, 2026. Those earlier disclosures concerned a planned 100% acquisition through a combination of cash consideration and a share swap. The completed share-swap step gave 5paisa majority control, while the filing says the remaining acquisition remains subject to conditions precedent and contractual terms.

The change establishes control rather than only a larger financial holding. A 57.41% fully diluted stake made GDPL a subsidiary, compared with 5paisa’s 19.76% position before the November 3 transaction. The filing does not disclose the value, timing or ownership percentage of the uncompleted portion of the planned 100% acquisition.

How was the GDPL share swap structured?

The GDPL share swap involved 5paisa issuing 20,50,588 equity shares at an issue price of Rs 380 each, for aggregate consideration of up to Rs 77.922344 crore. The consideration was issued in exchange for 66,148 GDPL equity shares, rather than paid in cash for this completed acquisition step.

The issue terms had been disclosed in the postal ballot notice dated July 28, 2026, the board-meeting outcome dated July 28, 2026, and its revised outcome dated July 29, 2026. The November 4 filing does not disclose a per-share valuation for GDPL, an exchange ratio for GDPL shares, or the number of 5paisa shares outstanding before and after the 20,50,588-share issuance.

The filing says the acquisition is not a related-party transaction. Management stated that the transaction is intended to strengthen 5paisa’s digital capabilities, expand technology offerings, achieve strategic synergies and enhance long-term shareholder value. The disclosure does not quantify expected revenue, cost savings, customer additions or a timetable for these objectives.

What does GDPL do and how has its turnover changed?

GDPL operates in technology and data analytics, providing data-driven technology solutions including software development, data processing, analytics and technology-infrastructure services. Incorporated on June 13, 2016, GDPL builds and supports data platforms, information systems and analytical tools, particularly those handling large datasets and generating actionable insights.

GDPL’s turnover rose in each of the three financial years disclosed, reaching Rs 19.55 crore in financial year (FY) 2025-26 from Rs 15.75 crore in FY 2024-25 and Rs 12.07 crore in FY 2023-24. Turnover increased by Rs 7.48 crore between FY 2023-24 and FY 2025-26. The filing provides no figures for GDPL profit, cash flow, client count, order book or margins.

GDPL primarily operates in India and had no known overseas operations or presence as of the November 4, 2026 disclosure. Its FY 2025-26 turnover of Rs 19.55 crore is also the size figure listed in the acquisition annexure. The filing does not identify specific products, named customers, or revenue shares from software development, data processing, analytics and infrastructure services.

What remains before 5paisa completes the planned 100% GDPL acquisition?

The remaining GDPL acquisition will be completed after fulfilment of conditions precedent and other terms in the Share Purchase Agreement and the Shareholders’ cum Purchase Agreement. Although 5paisa held 57.41% on a fully diluted basis on November 3, 2026, the filing gives no indicative completion date, remaining share count or further consideration for the outstanding acquisition.

The approval process included corporate, statutory and regulatory approvals. GDPL held a Research Analyst registration under the Securities and Exchange Board of India (SEBI) Research Analysts Regulations, 2014, requiring prior regulatory or statutory approval for surrender of that registration. GDPL received that approval, and 5paisa received the approvals required to complete the disclosed transaction.

The November 3 transaction therefore resolved the stated approval requirement connected with GDPL’s Research Analyst registration and established subsidiary status. However, the November 4 filing distinguishes the completed 66,148-share swap from the broader 100% acquisition announced in July 2026. It does not state whether the remaining acquisition will use cash, shares or another form of consideration.

Conclusion

5paisa moved from a 19.76% fully diluted GDPL holding to 57.41% by acquiring 66,148 shares through the issuance of 20,50,588 5paisa shares at Rs 380 each. The transaction, valued at up to Rs 77.922344 crore, made GDPL a subsidiary and brought an India-focused technology and data-analytics business with FY 2025-26 turnover of Rs 19.55 crore under 5paisa control.

What to watch next is fulfilment of the conditions precedent and other terms in the two acquisition agreements for the remaining part of the planned 100% GDPL acquisition. The November 4, 2026 filing gives no target date, remaining consideration or outstanding ownership percentage, leaving subsequent company disclosures to establish the final scope and timing.