BLS INTERNATIONAL SERVICES LIMITED

Shareholders of BLS International Services Limited

BLS International Services Limited is a listed Indian issuer, so its ownership is disclosed through the shareholding pattern filed with BSE Limited and the National Stock Exchange of India Limited under Regulation 31 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The figures below are taken from the pattern as on 30 June 2026, with comparatives from the pattern as on 31 March 2026. Total paid-up capital at both dates was 411,740,908 fully paid equity shares of Re. 1 each; there are no partly paid shares, depository receipts or outstanding convertible securities.

As on 30 June 2026 the promoter and promoter group comprised 24 holders holding 289,829,828 shares, or 70.39 per cent. Public shareholding was 121,734,425 shares (29.57 per cent) held by 223,599 shareholders, and the BLS International Employees Welfare Trust held 176,655 shares (0.04 per cent) in the non-promoter non-public category. Within the public category, domestic institutions held 3.10 per cent (mutual funds 0.43 per cent; insurance companies 2.52 per cent, of which Life Insurance Corporation of India held 2.23 per cent), foreign institutions held 4.14 per cent (Foreign Portfolio Investors Category I 3.96 per cent) and non-institutional holders, mostly resident individuals, held 22.33 per cent.

At 31 March 2026 the promoter aggregate was identical at 70.39 per cent, while foreign portfolio investors held a larger 6.14 per cent; Sixteenth Street Asian Gems Fund was the only foreign fund separately disclosed, at 2.05 per cent. The same filing shows foreign-ownership-limit utilisation of 6.70 per cent against a board-approved limit of 100 per cent, down from 10.45 per cent four quarters earlier.

The promoter block splits into 13 individuals holding 26.62 per cent and 11 promoter-group bodies corporate holding 43.77 per cent (figures as on 31 March 2026, the most recent date at which the filing names each holder). The individually named promoters are Diwakar Aggarwal 5.76 per cent, Gaurav Aggarwal 4.83 per cent, Madhukar Aggarwal 4.80 per cent, Vinod Aggarwal 4.80 per cent, Sushil Aggarwal 2.43 per cent, Alka Aggarwal 1.94 per cent (spelt “Alka Agagrwal” in the filing) and Shikhar Aggarwal 1.93 per cent; the remaining promoter-group individuals each hold less than 0.15 per cent. The promoter-group companies are Azadpur Finvest Private Limited 4.92 per cent, GRB Finvest Private Limited, Hawai Capital Private Limited, Hillman Properties Private Limited, Intime Finance and Investment Private Limited, V.S. Estates Private Limited and Wonder Rock Finance and Investment Private Limited at 4.86 per cent each, BLS Finvest Limited and Goodwork Finvest Private Limited at 4.48 per cent each, and JLB Finvest Private Limited and Trimurti Finvest Private Limited at 0.38 per cent each. No single promoter entity or individual holds 5 per cent or more except Diwakar Aggarwal.

Pledged or encumbered promoter shares. Part of the promoter holding is pledged, but the amount is immaterial: 10,160 shares in total, or 0.0025 per cent of the paid-up capital, at both 31 March 2026 and 30 June 2026. It consists of 10,000 shares pledged by Monica Gupta (21.60 per cent of her own holding) and 160 shares pledged by Usha Gupta (100 per cent of her holding). No promoter shares are subject to a non-disposal undertaking or any other form of encumbrance, and no promoter shares are locked in.

Ultimate beneficial ownership

No single person or entity controls BLS International Services Limited on the face of the filings. Control rests with a promoter group of members of the Aggarwal family and eleven closely held investment companies, acting together and holding 70.39 per cent. The largest individually disclosed interest is Diwakar Aggarwal at 5.76 per cent, and the largest corporate interest is Azadpur Finvest Private Limited at 4.92 per cent, so no holder reaches the 25 per cent threshold that would make it a holding company or an obvious controller.

The shareholding pattern does not look through the eleven promoter-group companies, and declarations of significant beneficial ownership made to the company under section 90 of the Companies Act, 2013 are not published. Following the promoter chain further than the exchange filings support would be speculation, so the ultimate individual beneficiaries behind those companies are recorded here as not disclosed in the sources used.

Data availability

Indian listed companies publish a quarterly shareholding pattern showing categories of holder, plus individual names above a disclosure threshold, rather than a complete register of members. Holders below the threshold are shown only in aggregate, and beneficial holders behind custodians or portfolio managers are not identified.

The source record behind this page attributed almost the entire company to five passive foreign funds — iShares MSCI India Small Cap ETF at 19.56 per cent, Avantis Emerging Markets Equity Fund and Avantis Emerging Markets Equity ETF at 14.26 per cent each, VanEck India Growth Leaders ETF at 7.07 per cent and DFA EM Social Core Equity at 4.07 per cent, some 59 per cent in total. That is irreconcilable with the company’s capital structure: all foreign portfolio investors combined held 4.14 per cent as on 30 June 2026 and 6.14 per cent as on 31 March 2026, no foreign fund other than Sixteenth Street Asian Gems Fund is separately disclosed at any date, and total foreign-ownership-limit utilisation was 6.70 per cent. That data was not used for this page.

The ISIN of the equity shares could not be confirmed from BSE or NSE, whose company pages were not machine-accessible, and it is not stated in the annual report, the annual return or the shareholding pattern; it is therefore omitted rather than guessed.

Directors and officers of BLS International Services Limited

The board below is as reported by the company to BSE Limited and the National Stock Exchange of India Limited in its integrated governance report under Regulation 27(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 for the quarter ended 30 June 2026. Director Identification Numbers are as published in that filing and in the annual return for the financial year 2024–25.

The board therefore has eight directors: three executive, one non-executive non-independent and four independent. The same filing confirms that a regular chairperson is appointed and that the chairperson is related to the managing director. Nationality is not recorded for any director in the governance report or the annual return, so it is stated here as not disclosed.

Key managerial personnel under section 203 of the Companies Act, 2013 are distinct from board membership. In addition to the managing directors named above, the annual return for the financial year 2024–25 records Amit Sudhakar as Chief Financial Officer (ICAI membership number 90429) and Dharak Mehta as Company Secretary and Compliance Officer (ICSI membership number FCS 12878). Dharak Mehta is the signatory of the governance report for the quarter ended 30 June 2026 and of the company’s Regulation 30 announcements, confirming that he remained in office at that date. The statutory committees — audit, nomination and remuneration, stakeholders relationship and risk management — are each chaired by an independent director.

Recent officer changes

15 May 2025 — Karan Aggarwal (DIN 02030873) was re-designated from executive director and key managerial personnel to non-executive non-independent director and non-KMP.

16 May 2025 — Savita (DIN 08764773) was appointed as a non-executive independent director.

30 June 2025 — Shivani Mishra (DIN 07221507) ceased to be an independent director on completion of her tenure.

Data availability

The record behind this page omitted the company’s independent directors entirely. All four — Sarthak Behuria, Ram Sharan Prasad Sinha, Atul Seksaria and Savita — are absent from it, as is the chairman, Diwakar Aggarwal. The record also described Karan Aggarwal as an executive director, a designation he ceased to hold on 15 May 2025, and its appointment dates (1 January 2016 for Nikhil Gupta and 1 January 2014 for Shikhar Aggarwal and Karan Aggarwal) do not match the dates the company reports to the exchanges. It further mixed the board with management by listing a Head of Corporate Communications, who is neither a director nor a key managerial person under section 203.

No national identification number or date of birth is reproduced here. The quarterly governance report does publish directors’ dates of birth, but they are withheld on this page. Directors’ residential addresses are not public in India except through paid MCA filings, and the annual report for the financial year 2025–26 had not been published at the time of writing, so the board position is stated as at 30 June 2026.

Group structure of BLS International Services Limited

No holding company sits above BLS International Services Limited. The annual return for the financial year 2024–25 (Form MGT-7) lists 54 related companies, every one of them classified as a subsidiary and none as a holding company, associate or joint venture, and the Form AOC-1 in the annual report for the same year reports “NIL” under Part B for associates and joint ventures. The company is controlled collectively by its promoter group rather than by a single corporate parent, and the eleven promoter-group investment companies each hold less than 5 per cent, so none of them is a holding company in law.

The group is consolidated under Ind AS 110. Form AOC-1 for the financial year 2024–25 gives the salient financial features of 55 entities (the 54 companies in the annual return plus the BLS International Employees Welfare Trust). Two intermediate vehicles structure the group: BLS International FZE in the Hamriyah Free Zone, Sharjah, holds most of the international visa and consular businesses, and BLS E-Services Limited holds the Indian digital and business correspondent businesses. The percentages below are those reported in the MCA annual return, which states the holding within the chain; where an entity sits under BLS E-Services Limited, the group’s effective economic interest is lower and the Form AOC-1 figure is given alongside.

The remaining entities in Form AOC-1 are operating visa and consular companies in Canada, the United States, Singapore, Malaysia, Hong Kong, the United Kingdom, Italy, Kenya, South Africa, Indonesia, Cameroon, Morocco, Nigeria, Saudi Arabia, Kazakhstan, Peru, Colombia, Egypt, Mexico, Bangladesh, Jordan, Iraq and Iran, together with the Visametric companies in Kyrgyzstan, Kazakhstan, Russia, Kosovo, Tajikistan, Uzbekistan, Bosnia and Herzegovina, North Macedonia, Azerbaijan, Albania and Serbia.

The listed subsidiary. BLS E-Services Limited (formerly BLS E-Services Private Limited) was incorporated in Delhi on 12 April 2016 and listed its equity shares on BSE and NSE on 6 February 2024. BLS International Services Limited held 50.91 per cent of it as at 31 March 2025 according to the MCA annual return, while Form AOC-1 for the same year states 51 per cent. It is a subsidiary, not an associate, and is fully consolidated with a non-controlling interest recognised: consolidated non-controlling interests stood at Rs. 32,020.00 lakh at 31 March 2026 (Rs. 28,794.76 lakh at 31 March 2025) and Rs. 3,710.24 lakh of the consolidated profit for the financial year 2025–26 was attributable to non-controlling interests. Because BLS E-Services is itself listed, its board, shareholding pattern and results are published separately under CIN L74999DL2016PLC298207.

Data availability

The subsidiary name shown on the record behind this page as “REIRED BLS International Services Private Limited” is not corrupted. That is the spelling in the MCA annual return for the financial year 2024–25, against CIN U74999DL2018PTC339556; the annual report renders the same company as “Reired BLS International Services Private Limited” in Form AOC-1. The name is therefore confirmed, with the capitalisation differing between the two official documents.

The corporate governance report for the financial year 2024–25 states in its narrative that the company has three material subsidiaries but then tabulates four — BLS E-Services Limited, BLS International FZE, BLS International Services LLC and Aadifidelis Solutions Private Limited. The four named in the table are treated as authoritative here.

Holding percentages are as at 31 March 2025, the date of the most recent annual return and Form AOC-1; the annual report for the financial year 2025–26 had not been published at the time of writing, so a small number of intermediate holdings may have changed since. Foreign subsidiaries are identified by local registration number because they have no CIN. The linkage on the record behind this page listed only BLS Kendras Private Limited, REIRED BLS International Services Private Limited and BLS E-Services Limited, a small fraction of a group of 54 companies.