BLS Intl subsidiary acquires additional shares of Zero Mass

BLS International Services said that BLS E-Services, a subsidiary of the company, has acquired additional equity shares of Zero Mass (ZMPL) from its existing shareholder by means of share transfer agreement.

Post this acquisition, BLS E-Services is holding aggregate of 90.942% of the paid-up equity share capital of ZMPL.

In June last year, BLS International had announced that BLS E-Services had 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 Rs 105.90 crore.

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) (approximately 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. It had recorded turnover of Rs 161 crore in FY 2021-22.

BLS International with its subsidiary companies is already in BC business across the country and through this acquisition, BLS group intends to expand and consolidate its BC business.

BLS International had agreed to acquire 100% equity shares of ZMPL for an equity consideration of Rs 120 crore, including entire equity stake of 63.94% held by Anurag Gupta. Pursuant to the transactions already completed, BLS International owned 88.26% equity stake in ZMPL. State Bank of India continued to hold 6.83% equity stake in ZMPL.

BLS International Services is global tech-enabled services partner for governments and citizens. It operates in the domain of visa, passport, consular, citizen, e-governance, attestation, biometric, e-visa, and retail services since 2005. The company works with over 46 client governments including diplomatic missions, embassies & consulates and leverages technology and processes that ensure data security.

The company's consolidated net profit jumped 79.7% to Rs 50.70 crore on 92.9% increase in net sales to Rs 437.90 crore in Q3 December 2022 over Q3 December 2023.

The scrip shed 0.50% to currently trade at Rs 159.35 on the BSE.

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