BLS E-Services, a subsidiary of visa and immigration services firm BLS International, has decided to raise funds via an initial public offering (IPO), a regulatory filing stated on June 26.
"...the Board of Directors of BLS E-Services Limited, subsidiary of the company at their meeting held today i.e., Monday, June 26, 2023 approved fund raising, subject to receipt of requisite approvals, market
conditions and other considerations, by way of an initial public offering," BLS International informed the stock exchanges.
The size of the offer, price and other details of the proposed IPO will be determined in due course, it noted.
BLS International also clarified that following the IPO, BLS E-Services would "continue to be a subsidiary of the company".
Also Read | BLS International expects visa application volumes to increase as markets like China open up
The announcement comes over a month after BLS International reported a more than two-fold jump in its consolidated net profit at Rs 76.73 crore for the quarter ended March. Net profit stood at Rs 35.20 crore in the year-ago period.
The company's operational revenue rose 77 per cent to Rs 448.63 crore in the fourth quarter of last fiscal from Rs 253.84 crore in the corresponding period of the previous year.
For the full 2022-23 fiscal, the company's net profit rose 84 per cent to 204.27 crore from Rs 111.20 crore in the previous year. Its operational income increased 78 per cent to 1,516.19 crore in the last fiscal from Rs 849.89 crore in 2021-22.
On June 26, BLS International's shares traded almost flat. The scrip settled at Rs 194 on the BSE, which was marginally higher by 0.08 percent as against the previous day's close.
(With PTI inputs)
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