M&A

M&A

BLS International to acquire SBI's business correspondent Zero Mass for Rs.120-Cr

BSE Disclosure  

Publicly listed BLS International is to acquire Mumbai-headquartered Zero Mass Pvt Ltd (ZMPL) for INR 120 crore. The deal included the acquisition of the entire equity stake of 63.94% held by promoter Anurag Gupta. BLS International now owns 88.26% equity stake in ZMPL while State Bank of India (SBI) continues to hold 6.83% stake. Lagrange Point Advisors LLP, a Mumbai based M&A advisory firm, acted as the sole advisor to BLS for this transaction. ZMPL has been operating the largest BC network for SBI with around 11,500 active customer service points (CSPs) accounting for about 15% of all the SBI BCs, spread across India. ZMPL also has contracts with Utkal Grameen Bank and Karur Vysya Bank. The deal enables BLS international to become the largest business correspondent (BC) network in India.