BLS E-Services surges 7% on plans to acquire controlling stake in Aadifidelis Solutions

Aadifidelis Solutions is involved in the distribution and processing of loans for corporates and individuals.

Shares of BLS E-Services surged around 7 percent in opening trade on June 18 after the company announced signing a pact to acquire a 55 percent controlling interest in Aadifidelis Solutions and its affiliates for an enterprise value of roughly Rs 190 crore, as per an exchange filing.

At 09.22 am, shares of BLS E-Services were trading at Rs 282.75 on the NSE. Shares of parent company BLS International Services also rose over one percent to Rs 353.15.

For the acquisition, BLS E-Services will pay Rs 71 crore upfront, with the balance to be deferred  linked to achievement of milestones in FY25. The acquisition, which will be an all-cash deal will be completed in Q2 of FY25.

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Aadifidelis Solutions is involved in the distribution and processing of loans for corporates and individuals with a presence pan India across 17 states and union territories. It currently facilitates an average monthly loan disbursements of over Rs 1,500 crore through its extensive network of channel partners. As per Aadifidelis' unaudited financials for FY24, the company and its affiliates recorded revenue of around Rs 577 crore, on an EBITDA of Rs 22 crore.

“The definitive agreement with Aadifidelis is  a strategic move that 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," Shikhar Aggarwal, Chairman of BLS E-Services said.

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