• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Paul Noronha

(From left) Mr G.S. Viswanathan, Whole-Time Director, Vishal Information Technologies Ltd, with Mr G.S. Chandrashekar, Director, and Mr B. Madhuprasad, Vice-Chairman, Keynote Corporate Services Ltd, at a press conference to announce the company’s IPO in Mumbai on Wednesday. —

Our Bureau

Mumbai, July 16 Vishal Information Technologies, a company in the field of ITES/BPO services and a subsidiary of Tutis Information Technologies, on Wednesday announced that it will be entering the capital markets with an IPO of 27.9 lakh equity shares.

The issue will open on July 21 and will close on July 24. The price band has been fixed between Rs 140 and Rs 150 an equity share of Rs 10 each.

The issue will constitute 26.12 per cent of the fully-diluted equity share capital of the company.

The issue will consist of 17.9-lakh fresh issue of equity shares and an offer for sale of 10-lakh equity shares by the “selling shareholders”. The issue size is Rs 39.06 crore at the lower end of the price band and Rs 41.85 crore at the upper end.

The shares of the company are proposed to be listed on both the BSE and the NSE. Of the total issue, 50 per cent will be reserved for the qualified institutional buyers, 15 per cent for the non-institutional investors and 35 per cent will be reserved for the retail investors.

The company operates from leased facilities in Chennai and Mumbai with close to 475 workstations.

The company plans to use the proceeds from the issue to finance the cost of expansion of its facilities in Chennai and to set up a quality assurance centre and marketing office in Mumbai. It proposes to buy an office space of approximately 15,000 sq ft at SEZ in Chennai. It also plans to utilise it to set up subsidiaries in both the UK and the US.

The book running lead managers to the issue are IDBI Capital Markets and Keynote Corporate Services.

More Stories on : IPOs | IT-enabled Services

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Corporate developments

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line