BLS E-Services Ltd., a subsidiary of visa services provider BLS International Services Ltd., on Tuesday announced that it has inked a deal to purchase 55% stake in Aadifidelis Solutions Pvt. and its affiliates, for Rs 190 crore.
The company is set to make an initial investment of approximately Rs 71 crore, both primary and secondary, with the remaining consideration contingent upon reaching certain milestones in fiscal 2025.
The acquisition will be conducted as an all-cash transaction and is expected to be completed in the second quarter of the fiscal year.
The signing of a definitive agreement with ASPL is a strategic move that will unveil a plethora of cross-selling opportunities while integrating specialised loan processing and distribution services into the company's portfolio, said Shikhar Aggarwal, joint managing director of BLS International Services.
Operating through a hub-and-spoke model, with a presence in 17 states and union territories, ASPL's network of 8,600 plus channel partners source loan enquiries, which will align with BLSE's portfolio of business correspondents-led citizen-centric last mile banking services, the release said.
Lagrange Point Advisors LLP, a Mumbai-based mergers and acquisitions advisory firm, acted as the sole transaction advisor to BLSE for this transaction. Dua Associates acted as legal advisors for the transaction.
Founded in 2005, BLS International Services operates in the domain of visa, passport, consular, citizen, e-governance, attestation, biometric, e-visa and retail services.
Shares of BLS closed 6.99% higher at Rs 283.02 apiece, compared to a 0.41% advance in the NSE Nifty 50.
(With inputs from PTI)
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