Shares of BLS International climb nearly 10% 195 each on the BSE in the opening session of Thursday after the company announced the acquisition of trade correspondent Zero Mass Private Limited (ZMPL). 120 crores in a cash deal.
,BLS International today announced that it has acquired Mumbai Headquarters, the largest business correspondent in the country – Zero Mass Private Limited (“ZMPL”). With the all-cash acquisition from the company’s internal accruals, BLS International has become the largest business correspondent network in India,” the company informed in an exchange filing on Wednesday.
BLS, which is primarily into visa processing, has a presence in the BC (Business Correspondent) space and the deal will help consolidate its position in this segment, the company said.
The statement said that ZMPL is the country’s largest BC with over 11,500 active customer service points and it handles more than 15 per cent of BCs of the largest lender State Bank of India (SBI). Lagrange Point Advisors LLP, a Mumbai based M&A advisory firm, acted as the sole advisor to BLS for this transaction.
BLS has bought 88.26 percent stake in ZMPL 120 crore, including 63.94 per cent of key promoter Anurag Gupta, the statement said, adding that SBI will continue to hold 6.83 per cent stake in the company. Its joint managing director Shikhar Aggarwal said that after the acquisition, its network will increase to more than 14,500.
BLS International is an online visa application center in India, providing visa counseling services. The company works with over 46 client governments, including diplomatic missions, embassies and consulates, and leverages technology and processes to ensure data security.
Shares of BLS International have gained over 200% in a span of one year on BSE, while multibagger stock There has been an increase of around 104% so far in 2022 (Year-to-date or YTD).