Multibagger Small Cap Stock Hits New 52-Week High On IPO Approval For Subsidiary

Shares of small cap company, BLS International Services Ltd on Wednesday traded new 52-week high and witnessed a spurt in volume by more than 2.03 times. The stock gained over 9% intra-day on Wednesday on BSE and shares ended with the gain of 5.15 to Rs 207.35 apiece. BLS International Services stock delivered over 117% return in last 1-year only. Earlier on June 26, 2023 board of directors of BLS E-Services, subsidiary of BLS International Services at their meeting approved fund raising, by way of an IPO of its equity shares," BLS International stated in its BSE filing. Check details below:

BLS E-Services Limited Approves Fund Raising Via IPO: According to the regulatory filing of BLS International, "Pursuant to the provisions of Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015, we, BLS International Services Limited ('the Company') hereby inform you that 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 ('IPO') of its Equity Shares in accordance with the Companies Act, 2013 and rules made thereunder, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended and other applicable laws. The size of the offer, price and other details of the proposed IPO will be determined in due course."

After the proposed IPO, BLS E-Services Limited would continue to be Subsidiary of BLS International Services.

BLS International Services Stock Performance & Return: Last trading price of BLS International Services share is Rs 207.35 apiece with intraday surge of 5.15% on BSE. The stock's 52-week high price is Rs 214.25 apiece and 52-week low price is Rs 83.38 apiece, respectively. Its market capitalisation is Rs 8,518.35 crore. In last 2-years, BLS International offered 549% return, 1118% return in last 3-years, and 443% return in last 5-years.

BLS International Bonus Shares: The company announced bonus shares twice in 2022. The first bonus share was given in May 2022 and the next bonus share was given in December 2022 in the ratio of 1:1.

BLS International About: Globally, BLS International provides outsourcing of visa, passport and attestation services to client governments. It manages all administrative and non-judgmental tasks related to the visa application process for Diplomatic Missions, enabling them to focus on key aspects of assessment of visa applications, according to its official website.

Disclaimer: The stock traded new 52-week high after board of its subsidiary, BLS E-Services approves fund raising via IPO. Greynium Information Technologies and the author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.