BLS International 8% off record high; to fully acquire Citizenship Invest

BLS International share price today: BLS International Services share price declined 8 per cent from its record high level hit earlier today. The stock hit an intraday low of Rs 436.3 per share, falling sharply from the record high level of Rs 474.45 per share touched in the morning trade on Friday, September 13.

BLS International share price was trading 4.2 per cent lower at Rs 438.2 per share at 1:41 PM, as against a 47-point (0.03 per cent) drop in the BSE Sensex.

On Thursday, BLS International Services said that it has signed a definitive agreement to acquire a 100 per cent stake in Citizenship Invest (CI), a Dubai based advisory firm specialising in the fast-track investor programs for obtaining residence and citizenship across more than 15 countries.

 

"The acquisition value of the 100-per cent stake is $31 million (Rs 260 crore) and the transaction would be funded through internal accruals. The transaction is expected to be completed by October 31, 2024," it said in its stock exchange filing.

Citizenship Invest offers services through 20 programs. It has successfully assisted over 1,800 clients from more than 85 nationalities. For the calendar year 2023, Citizenship Invest reported audited revenues of U$9.6 million (Rs 81 crore) and an Ebitda of $4.4 million (Rs 37 crore), reflecting a robust Ebitda margin of 45 per cent.

In CY23, Citizen Invest's revenue grew by 28 per cent, Ebitda by 43 per cent, and margin expanded by 470 bps compared to CY22.

"By integrating CI into our portfolio, we are enhancing our capabilities in offering long-term visa solutions and further solidifying our position as a comprehensive global provider of visa and consular services. We are confident this acquisition will drive growth, increase application volumes, and strengthen our presence in the international market," said Shikhar Aggarwal, joint managing director of BLS International Services Limited.

BLS International has been on an acquisition spree lately. On September 11, BLS International Services had informed the stock exchanges that BLS International FZE, subsidiary of the company, has subscribed 99 per cent share capital of BLS Solutions Pvt. Ltd (Bangladesh). Consequent to the subscription, BLS Solutions Pvt. Ltd. will become a step-down subsidiary of the company. The cost of this share acquisition stands at Rs 830 crore.

Previously, on August 30, BLS International announced that it has entered into a definitive Share Purchase Agreement to acquire a 51 per cent stake in SLW Media, for Rs 80.24 lakh. SLW Media is a prominent sports management company with over two decades of experience in the golf industry.

By combining golf event management with its existing expertise in visas, travel, and hospitality, BLS International is creating a one-stop solution for luxury experiences that cater to high-net-worth individuals (HNIs), corporate clients, and government officials, BLS International had said.

BLS International Services is a tech-enabled services platform, serving governments and citizens alike, in the domain of visa, passports, consular, citizen, e-governance, attestation, biometric, e-visa and retail services.

BLS International share price hit a 52-week low Rs 230.10 on October 26, 2023. The market capitalisation of the company stands at little over Rs 18,000 crore. The shares command a price-to-earnings ratio of 518.63-times and a price-to-book value of 210.78x.