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 a

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