Multibagger stock jumps 10% on company’s acquisition of Zero Mass
- The multibagger stock has surged about 104% in 2022 (year-to-date or YTD) so far
Shares of BLS International rallied about 10% to ₹195 apiece on the BSE in Thursday's early session after the company announced the acquisition of business correspondent Zero Mass Private Limited (ZMPL) for ₹120 crore in an all-cash deal.
“BLS International announced today that it has acquired Mumbai headquartered, largest business correspondent in the country - Zero Mass Private Ltd (“ZMPL”). With this all cash acquisition from company internal accruals, BLS international becomes the largest business correspondent network in India,” the company informed in an exchange filing on Wednesday.
BLS, which is primarily into visa processing, has its presence in the BC (Business Correspondent) space and the deal will help it consolidate its position in the segment, the company said.
The statement said ZMPL is the largest BC in the country with over 11,500 active customer service points and it handles over 15 per cent of the BCs for largest lender State Bank of India (SBI). Lagrange Point Advisors LLP, Mumbai based M&A advisory firm, acted as the sole advisor to BLS for this transaction.
BLS has bought an 88.26 per cent stake in ZMPL for ₹120 crore, including main promoter Anurag Gupta's 63.94 per cent, the statement said, adding that SBI will continue to hold 6.83 per cent in the company. Its network will increase to over 14,500 touch points after the acquisition, its joint managing director Shikhar Aggarwal said.
BLS International is an online visa application centre in India, providing visa consultancy services. The company works with over 46 client governments including Diplomatic Missions, Embassies & Consulates and leverages technology and processes that ensure data security.
BLS International shares have rallied more than 200% in a year's period on the BSE, whereas the multibagger stock has surged about 104% in 2022 (year-to-date or YTD) so far.
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First Published:9 Jun 2022, 12:25 PM IST
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