 "BLS E-Services files draft papers with Sebi to garner funds via IPO")
BLS E-Services Ltd has filed draft papers with capital markets regulator Sebi to mobilise funds through an initial public offering (IPO).
The company is a subsidiary of BLS International Services Ltd, which offers visa and consular services.
The IPO comprises a fresh issue of 2.41 crore equity shares with no offer for sale (OFS) component, according to the draft red herring prospectus (DRHP) filed on Friday.
Proceeds of the issue will be utilized for strengthening technology infrastructure to develop new capabilities and consolidating existing platforms.
In addition, fresh capital will be used for funding initiatives for organic growth by setting up BLS Stores, achieving inorganic growth through acquisitions, and general corporate purposes.
BLS E-Services Ltd is a leading technology-enabled digital service provider, offering business correspondent services to major banks in India, assisted e-services; and e-governance services at grass root levels in India.
The company provides access points for the delivery of essential public utility services, social welfare schemes, healthcare, financial, educational, agricultural and banking services to governments and businesses alike apart from a host of B2C services to citizens.
Unistone Capital is the sole book-running lead manager to the issue. The equity shares of the company will be listed on BSE and NSE.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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