Shares of BLS International soar after announcing 100% stake acquisition of iDATA

About the agreement 

BLS International Services’ (BLS) wholly owned subsidiary, BLS International FZE, UAE, has entered into a definitive Share Purchase Agreement to acquire a 100% stake in iData Danismanlik Ve Hizmet Dis Ticaret Anonim Sirketi (iDATA) and its wholly owned subsidiaries for an Enterprise Value of Euro 50 million (Rs 450 crore) and additional milestone-based payments. iDATA, a renowned operator based in Turkey, specialises in Visa and Consular Services, making it a vital addition to BLS’s increasing portfolio.

iDATA, a Turkish company, offers comprehensive visa applications and consular services to foreign nations. Currently, the organisation operates over 37 Visa Application Centres (VAC) in 15+ countries, serving diplomatic missions of Germany, Italy, and the Czech Republic. Notably, since 2006, iDATA has been the sole provider of Visa and Consular Services to the Italian diplomatic mission, and since 2012, to the German government in particular regions.

The transaction would be mostly supported by internal accruals. Furthermore, the purchase will be EPS accretive from the start and is expected to close in the current fiscal year, subject to government and regulatory approvals.

Share Price Movement 

BLS International Services is currently trading at Rs 396.65, up by 7.70 points or 1.98% from its previous closing of Rs 388.95 on the BSE. The scrip opened at Rs 400 and has touched a high and low of Rs 412.90 and Rs 395.10 respectively. So far 13,5376 shares have been traded on the counter.

The BSE group ‘A’ stock of face value of Rs 1 has touched a 52-week high of Rs 412.90 and a 52-week low of Rs 149.70. Last one week high and low of the scrip stood at Rs 412.90 and Rs 356.45, respectively. The current market cap of the company is Rs 16,014.66 crore. The promoters holding in the company stood at 71.52%, while Institutions and Non-Institutions held 7.73% and 20.75%, respectively.

About Company 

BLS International Services is a part of the four decades old BLS Group with a global presence and diversified range of services in polymers and petrochemicals, education, electronics, asset management, visa processing and management consulting.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.