BLS E-Services subsidiary has signed definitive agreement to acquire CSPs of SBI & HDFC Bank

BLS E-Services Ltd. ("BLSe" or "BLS E-Services" or "the company"), a leading provider of e-governance services, business correspondence solutions and e-assisted services across India, through it's subsidiary, Zero Mass Private Limited ("ZERO Mass"), has entered into definitive agreement to acquire Customer Service Points (CSPs) of State Bank of India (SBI) and HDFC Bank under the Business Correspondence (BC) business of Sub-K Impact Solutions Limited ("Sub-K") on a slump sale basis for a total consideration of approx. INR 6.5 Crores. The consummation of the transaction is subject to approvals from the respective Banks and other regulatory / statutory authorities, as may be applicable, and completion of certain Condition Precedents of the definitive agreement.

This strategic acquisition marks a significant step in the Company's commitment to expand financial inclusion and enhance last-mile banking service delivery across India, particularly in Andhra Pradesh, Telangana, and other key states.

Mr. Lokanath Panda, Chief Operating Officer, BLS E-Services said: "We are quite excited to consolidate Sub-K's Customer Service Points (CSP) network into our plaƞorm. This strategic move significantly enhances our operational footprint across rural and semi-urban regions, reinforcing our commitment to bridging the financial services gap. It is a pivotal step aligned with our long-term vision of providing accessible, technology-driven solutions nationwide. Our ambition is to emerge as the leading enabler of the Government of India's financial inclusion agenda, empowering under served communities and driving inclusive economic growth."

Key Highlights of the Acquired Business:

CSP Network: ~1400 SBI Active CSP codes and ~80 HDFC CSP codes.
Geographical Presence: Andhra Pradesh, Telangana, Rajasthan, Maharashtra, Odisha, and Karnataka.
Customer Base: Approx. 4.75 million customers served annually (FY 2024-25).
Transaction Volume: Approx. INR 8,300 Crores annually.
Transaction Count: Approx. 16 million transactions per year.

With this acquisition, BLSe further consolidates its position as a trusted and scalable partner for banks and financial institutions aiming to deepen their outreach and enhance financial service delivery through a robust CSP ecosystem.

Shares of BLS E-Services Limited was last trading in BSE at Rs. 196.15 as compared to the previous close of Rs. 186.85. The total number of shares traded during the day was 2207 in over 90 trades.

The stock hit an intraday high of Rs. 196.15 and intraday low of 190.10. The net turnover during the day was Rs. 430723.00.

Source : Equity Bulls

Keywords

BLSEServices INE0NLT01010 ITES Acquisition CSPs SBI HDFCBank