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Magadh Today - Beyond Headlines > Latest News > Business > BLS E-Services mobilises Rs 13.75 crore in pre-IPO placement, reduces fresh issue size
Business

BLS E-Services mobilises Rs 13.75 crore in pre-IPO placement, reduces fresh issue size

Gulshan Kumar
Last updated: 2024/01/06 at 11:38 AM
By Gulshan Kumar 2 years ago
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BLS E-Services, a subsidiary of BLS International Services, has successfully raised Rs 13.75 crore in a pre-IPO placement before filing the red herring prospectus with the ROC.

Seventeen investors, including prominent names like Satnam Singh Takkar, Sandeep Srivastava, Vijay Kumar Agarwal, Rajya Vardhan Sonthalia, Shaurya Vardhan Sonthalia, and Tarun Chandmal Jain, collectively acquired 11 lakh equity shares at a price of Rs 125 per share through private placement.

The company, in collaboration with the book running lead managers, conducted the private placement, resulting in a cash infusion of Rs 13.75 crore. The date of allotment for the 11 lakh shares was January 4.

The fresh issue size outlined in the DRHP (Draft Red Herring Prospectus) has been adjusted, considering the pre-IPO placement. The revised fresh issue size now stands at up to 2,30,30,000 equity shares, as communicated by BLS E-Services.

BLS E-Services, a digital service provider, had filed preliminary papers for an initial public offering (IPO) in August 2023. The IPO, consisting of a fresh issue of 2.41 crore equity shares, has received approval from SEBI on December 12, 2023.

Utilizing the net proceeds from the IPO, BLS E-Services plans to strengthen its technology infrastructure, develop new capabilities, consolidate existing platforms, and invest in organic growth by setting up BLS Stores. Additionally, funds will be allocated for inorganic growth through acquisitions and general corporate purposes.

 

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