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BLS E-Services, the subsidiary of BLS International Services, has raised Rs 13.75 crore in the pre-IPO phase ahead of the filing of the Red Herring Prospectus with the ROC.
A total of 17 investors picked 11 lakh shares of the company including Satnam Singh Takkar, Sandeep Srivastava, Vijay Kumar Agarwal, Rajya Vardhan Sonthalia, Shaurya Vardhan Sonthalia and Tarun Chandmal Jain.
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“…the Company, in consultation with the book-running lead managers, has undertaken a further issue of equity shares through a private placement of 11 lakh equity shares for cash at a price of Rs 125 per share, aggregating to Rs 13.75 crore Rupees equivalent (pre-IPO placement). ), BLS E-Services said in a note to investors.
The allotment date for 11 lakh shares was January 4.
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Accordingly, the size of fresh issue in the pre-IPO placement as specified in the DRHP has been reduced by 11 lakh shares. The revised volume of the fresh issue is up to 2,30,30,000 shares, BLS said.
The digital service provider submitted the preliminary documents for raising funds via an IPO in August 2023. The IPO only involves a fresh issue of 2.41 crore shares by the company.
Assuming that the issue price is Rs 125 per share at which the company did its pre-IPO placement, the IPO size can be Rs 301.62 crore.
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The company has already received the green signal from SEBI on December 12, 2023 to proceed with IPO plans.
BLS, which provides business correspondent services to major banks in India, supported e-services; and grassroots level e-governance services in India will spend Rs 97.6 billion on strengthening technology infrastructure to develop new capabilities and consolidate existing platforms and Rs 74.78 billion on organic growth through setting up BLS stores.
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Additionally, Rs 28.71 billion will be used for inorganic growth through acquisitions and the remaining net issue proceeds will be reserved for general corporate purposes.
Unistone Capital is the merchant banker of this issue.
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