BLS International Services Ltd.'s share price rose to a record high on Friday after the company announced its plans to buy stake in Citizenship Invest DMCC, a UAE-based company, to expand its immigration services. The acquisition is expected to complete by Oct. 31, an exchange filing said Thursday.
BLS will buy 100% stake in Citizenship Invest DMCC, and its subsidiaries, for a purchase consideration of $31 million, the filing said. The acquisition is awaiting approval from Dubai Multi Commodity Centre.
With this acquisition, BLS International intends to strategically expand its portfolio in visa and consular services, particularly long-term visa solutions, such as residency and citizen services, it said.
Citizenship Invest DMCC was incorporated in September 2020. It has presence in Turkey and Iraq. The turnover of this company was $9.6 million for calendar year 2023, the filing said.
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BLS International Services share price rose to Rs 474.40, the highest level since its listing.
BLS International Services Ltd. shares rose 3.75% to the highest level since June 14, 2016. They erased gains to trade 3.17% lower at Rs 442.75 apiece as of 11:04 a.m., compared to a 0.07% decline in the NSE Nifty 50.
The stock has gained 64.44% in 12 months, and 38.76% year-to-date. Total traded volume so far in the day stood at 2.7 times its 30-day average. The relative strength index was at 59.22.
The one analyst tracking the company maintained a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 16.5%
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