BLS International Services shares rose 10% to Rs 195.40 on the BSE on Thursday, in an otherwise sluggish market, following the company’s acquisition of Zero Mass Private Ltd (ZMPL) for Rs 120 crore.
The company has acquired the largest business correspondent (BC) network in India with all-cash acquisitions from its operating cash flow. With around 11,500 active CSPs, ZMPL operates the largest BC network for the State Bank of India (SBI) (around 15 percent of all the SBI BCs). Besides SBI, ZMPL also has contracts with Utkal Grameen Bank and Karur Vysya Bank.
BLS International has an immaculate reputation for setting milestones in the domains of visa, passport, consular, citizen, e-governance, attestation, biometric, e-visa, and retail services since 2005.
BLS International announced in a press release that it has agreed to buy 100% of ZMPL for Rs 120 crore, which includes Anurag Gupta’s entire equity investment of 63.94% (main promoter). As a result of the previously executed transactions, BLS International now owns 88.26% of ZMPL. The State Bank of India retains a 6.83 percent equity stake in ZMPL.
The proposed transaction is being carried out by BLS E-Services Private Limited, which is a wholly-owned subsidiary of BLS International. BLS International plans to extend and consolidate its BC Business with this acquisition, according to the business.
At 10:02 a.m., BLS International was trading 8% higher at Rs 191, while the S&P BSE Sensex was down 0.21 percent. On May 23, 2022, BLS stock soared a 52-week high of Rs 207.
BLS International’s stock price has risen 66% in the last three months, compared to the benchmark index’s 0.26 percent growth. Furthermore, the stock has risen nearly 200 percent in the last year, compared to a 5.5 percent rise in the Sensex.