BLS International Services is gearing up for a significant transformation by taking a strategic step towards growth and expansion. In a recent interview to CNBC-TV18, Shikhar Aggarwal, Joint Managing Director of the company, stated that its subsidiary company BLS E-Services is planning to dilute 2.4 crore shares through an Initial Public Offering (IPO), making it a fresh issue in the market.

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BLS E-Services, a subsidiary of BLS International Services, is engaged in the banking correspondent and e-governance business. It has recorded improved revenue and profits in the first quarter of this financial year as compared to the year-ago quarter.

“We are planning to dilute around 2.4 crore shares. It will be a fresh issue of shares. We have filed the draft red herring prospectus (DRHP) and depending on the Securities and Exchange Board of India (SEBI) approval, we plan to list that company,” he said.

This move is expected to bring in substantial capital, which will play a pivotal role in reshaping the future of the company.

BLS International, a renowned player in the field of visa, passport, consular, attestation, and citizen services, also provides related service support to various governments and diplomatic missions across the globe. Its reach spans across Asia, Africa, Europe, South America, North America, and the Middle East. In addition, the company also offers citizen services to state and provincial governments. With the proposed IPO, BLS is gearing up to take its services to new heights and make a significant impact on the industry.

One of the key highlights of this development is the company's plan to dilute shares via a fresh issue. This strategy indicates a proactive approach towards expansion and growth. By introducing fresh shares to the market, BLS International Services is likely to raise a substantial amount of capital, which can be instrumental in furthering its reach and services.

Expressing great optimism about the company's future prospects, Aggarwal said its growth is sustainable too.

“Demand has been going strong. We are seeing good growth coming from across the world. We expect whatever numbers we have achieved in the first quarter should be maintained. Demand is growing, so we are seeing more numbers than last year,” he said.

BLS has a track record of success in managing critical services for governments and diplomatic missions, and this IPO is expected to provide the company with the resources needed to take its success to the next level.

Furthermore, Aggarwal emphasised the company's commitment to improving its margins. "We have been constantly working towards increasing the margin," he stated, reflecting the company's determination to not only grow but also to do so in a sustainable way.

For more details, watch the accompanying video

(Edited by : C H Unnikrishnan)