Shares of BLS International Services Ltd hit a 52-week high of Rs 412.90 on 16 January after the company announced its plan to acquire a 100% stake in a company based in Turkey.

In its regulatory filing, the company said, “The company has entered into a definitive share purchase agreement through its wholly owned subsidiary BLS International FZE, UAE, to acquire 100 percent stake in iData Danismanlik Ve Hizmet Dis Ticaret Anonim Sirketi and its wholly owned subsidiaries for an enterprise value of €50 million (around Rs 450 crore) and additional milestones-based payments.”

iDATA is a prominent player in Turkey and specialises in visa and consular services, which will make it a significant addition to the company’s expanding portfolio.

iDATA provides comprehensive visa applications and consular services to various governments and operates more than 37 visa application centres (VAC) across more than 15 countries, serving diplomatic missions in Germany, Italy, and the Czech Republic.

The acquisition will be funded through internal accruals; the transaction will be EPS accretive from day one and will be completed in the ongoing fiscal year, which is subject to government and regulatory approvals.

At 11:44 am, the shares of BLS International were trading 1.01% higher at Rs 395.60 on NSE.