BLS International soars 10% on acquisition of Zero Mass in an all-cash deal

BLS international now becomes the largest business correspondent (BC) network in India. The stock has rallied 66 per cent in the last three months.

Shares of BLS International Services surged 10 per cent to Rs 195.40 on the BSE in Thursday’s trade in an otherwise weak market after the company acquired Zero Mass Private Ltd (ZMPL) for Rs 120 crore.

With this all-cash acquisition from company's internal accruals, BLS international has now become the largest business correspondent (BC) network in India. ZMPL is operating the largest BC network for State Bank of India (SBI) with around 11,500 active CSPs (around 15 per cent of all the SBI BCs). Apart from SBI, ZMPL has contracts with Utkal Grameen Bank and Karur Vysya Bank.