BLS E-Services shares gain 5% on deal to acquire SBI, HDFC Bank CSP network

BLS E-Services shares rose 5 per cent after its subsidiary acquired the customer service points SBI and HDFC Bank

Shares of BLS E-Services Ltd surged nearly 5 per cent on Wednesday after its subsidiary signed a definitive agreement to acquire the Customer Service Points (CSPs) of State Bank of India (SBI) and HDFC Bank. 

 

The IT-enabled services company's stock rose as much as 4.9 per cent during the day to ₹206 per share. The stock pared gains to trade 3.5 per cent higher at ₹203 apiece, compared to a 0.51 per cent advance in Nifty 50 as of 9:40 AM. The stock has zoomed as much as 5 per cent for the second straight session. 

 

Shares of the company extended gains to their second day and have risen by over 18 per cent since its lows of ₹123, which it hit earlier this month. The stock has risen 14.2 per cent this year, compared to a 6.5 per cent advance in the benchmark Nifty 50. BLS E-Services has a total market capitalisation of ₹1,828.49 crore.  Track LIVE Stock Market Updates Here

BLS E-Services' unit inks agreement for ₹6.5 crore

The company's unit, Zero Mass Private Limited, entered into an agreement to acquire CSPs of SBI and HDFC Bank under the Business Correspondence (BC) business of Sub-K Impact Solutions Limited on a slump sale basis for a total consideration of ₹6.5 crore, it said in an exchange filing on Tuesday. 

 

The CSP network comprises around 1,400 active SBI and 80 HDFC CSP codes, with operations across six states(Andhra Pradesh, Telangana, Rajasthan, Maharashtra, Odisha, and Karnataka), serving approximately 4.75 million customers annually through 16 million transactions worth ₹8,300 crore.

 

This strategic acquisition, which is subject to various approvals, marks a significant step in its commitment to expand financial inclusion and enhance last-mile banking service delivery across India, the company said. "The object of this acquisition is to consolidate and expand the business correspondence segment of the company." The acquisition will be completed on or before September 30 this year, subject to approvals.  

 

Last month, the digital service provider announced plans to expand its BC network to over 60,000 agents by 2026-27 to expand its reach across rural, semi-urban, and underserved regions in the country. 

About BLS E-Services

BLS E-Services, a subsidiary of BLS International, stands as a leading technology-enabled digital service provider in India, offering a diverse range of services that encompass Business Correspondent (BC / Rural Banking Outlets) services, Assisted E-services, and E-Governance Services. 

 

In January to March 2025 quarter (Q4FY25), BLSe reported healthy earnings with consolidated profit after tax jumping 58.7 per cent year-on-year (Y-o-Y) at ₹17.3 crore, as compared to ₹16.0 crore in Q4FY24. Consolidated total income for the quarter grew 211.5 per cent Y-o-Y at ₹245.2 crore as compared to ₹78.7 crore in Q4FY24.