BLS International Services to acquire ZERO Mass Pvt Ltd

BLS International Services Limited ("Company") has through its wholly owned subsidiary BLS E-services Private Limited ("BEPL") intends to acquire 100% Equity stake of ZERO Mass Private Limited ("ZMPL") at an equity valuation of INR 120 crores (Indian Rupees One Hundred and Twenty Crores). On June 07, 2022, BEPL has entered into Share Purchase Agreement and Share Transfer Agreement to acquire in aggregate 88.26% equity shares of ZMPL for an aggregate sum of consideration of INR 1,05,90,84,000 (Indian Rupees One Hundred Five Crores Ninety Lakh and Eighty Four Thousand only).

ZMPL has been operating as the largest Business Correspondent ("BC") network for State Bank of India ("SBI") with around 11,500 active Customer Service Points ("CSP") (~15% of all the SBI BCs). The company has pan-India presence with CSPs located across all States and Union Territories of India. Apart from SBI, ZMPL has contracts with Utkal Grameen Bank and Karur Vysya Bank.

The proposed transaction is carried out through BLS EServices Private Limited, wholly owned subsidiary of the Company.

Shares of BLS International Services Limited was last trading in BSE at Rs. 180.40 as compared to the previous close of Rs. 182.10. The total number of shares traded during the day was 82168 in over 2988 trades.

The stock hit an intraday high of Rs. 181.95 and intraday low of 176.35. The net turnover during the day was Rs. 14728085.00.

Source : Equity Bulls

Keywords

BLSInternationalServices INE153T01027 Acquisition ZEROMass