BLS E-Services to Acquire Majority Stake in ASPL

On June 17, 2024, the Board of Directors of BLS E-Services Limited approved the decision to enter into a share purchase agreement in their meeting. BLS E-Services Limited will acquire a 55% equity stake in Aadifidelis Solutions Private Limited (ASPL) and its affiliates, becoming a subsidiary of the Company.

ASPL operates in the financial services industry, specialising in the distribution and processing of both secured and unsecured loans for corporate clients and individuals. It offers various services, including loans against property, personal loans, credit cards, home loans, business loans, and working capital financing.

Objects And Effects Of Acquisition

The acquisition aims to diversify BLS E-Services Ltd’s current services and align with its business portfolio. It focuses on providing citizen-centric, last-mile banking services through Business Correspondents. Pending the fulfilment of certain conditions, the acquisition is expected to be completed by September 30, 2024.

Details Of Acquisition

The acquisition will be made through cash consideration. BLS E-Services Ltd will invest approximately ₹71 crores upfront in ASPL’s share capital, with additional payments to be made upon achieving certain milestones in the financial year 2024-25.

About Aadifidelis Solutions Pvt. Ltd (ASPL)

Aadifidelis Solutions Pvt. Ltd (ASPL) specialises in providing various loan services, including loans against property, personal loans, credit cards, home loans, business loans, and working capital financing. ASPL has become one of the largest companies in India’s loan distribution and processing sector. It operates across 17 states and union territories with a network of over 8,600 channel partners and owned branches. ASPL and its affiliates are associated with major financial institutions such as ICICI Bank, HDFC Bank, IDFC First Bank, Axis Bank, Kotak Mahindra Bank, IndusInd Bank, Bandhan Bank, Aditya Birla Finance, Bajaj Finance, TATA Capital, Poonawala Fincorp, InCred, and HeroFinCorp.

About BLS-E Services Limited

Founded in April 2016, BLS-E Services Limited is a digital service provider that provides business correspondence services to leading banks in India. The company also provides assisted e-services and e-governance services at the grassroots level nationwide.

On June 18, 2024, BLS E-Services Ltd’s share price opened at ₹273.50, touching the day’s high of ₹291.00 as of 01:54 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.