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Shares of visa services provider BLS International have risen the most in a month on Monday after investor Shankar Sharma acquired 11.5 lakh shares in the company on Friday.

Data from the exchanges indicates that Sharma acquired the stake at an average price of Rs 275 per share.

Based in New Delhi, BLS International offers visa consultancy services for individuals, students and other categories. It ranks among the top three players in the industry globally. The company has also been named "Best Under a Billion Company" by Forbes Asia.

On the financial front, the company reported revenue of Rs 270 crore during the June quarter, which was higher than pre-Covid levels of sub-Rs 200 crore. Revenue growth has also been in excess of 50 percent over the last three quarters.

The management says that visa processing volumes are currently at 60-70 percent of 2019 levels as certain geographies like China and Russia are only operating at 10-15 percent levels.

The company has cash worth Rs 350 crore on its books.

Foreign Investors are gradually increasing their stake in the company. Compared to September last year, when FII ownership in the stock stood at 0.72 percent, current holdings are at 4.3 percent as of the June quarter. While promoter shareholding has been consistent, DII holding has been zero and the stock has very little analyst coverage.

Shares of BLS International gained close to 10 percent on Monday to Rs 319.35 as of 11:25 AM. The stock has had a stellar year so far, tripling in value during the first ten months.

(Edited by : Abhishek Jha)