BLS International to acquire 100% stake in Zero Mass for Rs120 crore; stock plunges ~2%

8 Jun 2022 , 03:15 PM

BLS International Services Limited has agreed to acquire a 100% Equity stake of ZERO Mass Private Limited at an equity valuation of Rs120 crore. The acquisition will be through its wholly-owned subsidiary BLS E-services Private Limited.

On June 07, 2022, the company signed Share Purchase Agreement and Share Transfer Agreement to acquire in aggregate 88.26% equity shares of ZMPL. This is for a consideration of Rs105.91 crore.

ZMPL is one of the largest Business Correspondent networks for the State Bank of India with around 11,500 active Customer Service Points (~15% of all the SBI BCs). Apart from SBI, ZMPL has clientele like Utkal Grameen Bank and Karur Vysya Bank.

The acquisition shall be completed within a period of 60 days.

BLS will acquire the remaining stake in the company in other tranches. The acquisition does not fall in related party transactions.

At around 3.18 PM, BLS International was trading  at Rs175.75, down by 2.01% against its previous close of Rs179.35 on NSE.