BLS E-Services Ltd (BLSE) said it had entered into a definitive Share Purchase Agreement (SPA), to acquire a 55% controlling interest in Aadifidelis Solutions Pvt. Ltd (ASPL) and its affiliates for an enterprise value of about ₹190 crore.
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BLSE will make an upfront investment of about ₹71 crore (primary and secondary) with the balance being deferred payment linked to achievement of milestones in FY25, the company said in a statement. “The acquisition will be an all-cash deal. The transaction will be completed in Q2 FY25,” it added.
Operating through a hub-and-spoke model, with a comprehensive pan-India presence in 17 States and Union Territories, ASPL’s network of over 8,600 channel partners source loan enquiries, which will align with BLSE’s portfolio of Business Correspondents-led citizen-centric last mile banking services, it further said.
Shikhar Aggarwal, Chairman, BLSE, said, “This strategic move will unveil a plethora of cross-selling opportunities while integrating specialised loan processing and distribution services into our portfolio, reinforcing the prominent position we hold in delivering last-mile banking services.”