BLS International, a visa processing and consular services firm, Tuesday said its subsidiary, BLS E-Services Ltd, has entered into definitive agreements to acquire a controlling stake in financial services firm Aadifidelis Solutions Pvt Ltd.
The subsidiary will acquire a 55% stake in Aadifidelis Solutions and its affiliates in an all-cash deal of Rs 190 crore, which includes future payments based on certain milestones.
According to the company’s statement, the BLS E-Services will make an upfront investment of Rs 71 crore, which is a mix of primary and secondary investments. The balance is linked to the achievement of milestones in FY25.
Lagrange Point Advisors LLP, a Mumbai-based M&A advisory firm, acted as the sole transaction advisor to BLS E-Services for this transaction, while Dua Associates acted as legal advisors for the transaction.
Founded in 2018, Aadifidelis Solutions is a financial services firm that provides services such as loans against property, personal loans, credit cards, home loans, business loans and working capital financing, among others.
The company has a presence across 17 states and union territories in India and operates through a network of over 8,600 channel partners in addition to owned branches.
The firm claims to facilitate an average monthly loan disbursement of Rs 1,500 crore. As per the unaudited financials for FY24, the company clocked Rs 577 crore in revenues while its earnings before interest, taxes, depreciation and amortization (EBITDA) stood at Rs 22 crore.
BLS International Services Ltd was founded in 2005 operates in the domain of visa, passport, consular, citizen, e-governance, attestation, biometric, e-visa and retail services.