BLS International Services, on 13 December, announced that its subsidiary BLS E-Services has received approval from the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO).

Earlier this year, the company had filed for the Draft Red Herring Prospectus with SEBI for a public offering of up to 2.41 crore shares.

BLS E-Services is engaged in the banking correspondent and e-governance business. The company has recorded improved revenue and profits in the April-June quarter of the current fiscal year compared to the same period last year.

Earlier, the Joint Managing Director of BLS E-Services, Shikhar Aggarwal, said that the company is planning to dilute 2.4 crore shares through an IPO, making it a fresh issue in the market.

Shikhar Aggarwal added, “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.”

The IPO is expected to bring in significant capital that will play a critical role in reshaping the future of the company.