Vishal Information Technologies' IPO to open on July 21

MUMBAI: IT-enabled services and solutions provider, Vishal Information Technologies, is expanding its existing services and entering new verticals.

"We intend to increase our market-share by way of expansion of facilities of our existing services and also going in for new verticals," the company's Chief Executive Officer, G S Vishwanathan, said.

"We will set up a new facility in Chennai besides setting up a quality assurance centre and marketing office in Mumbai," he said.

The expansion includes increasing data digitalisation seats from the present 250 to 450, e-publishing seats from 150 to 250 and digital library seats from 75 to 100. The company currently operates from leased facilities in Chennai and Mumbai with approximately 475 workstations.

To part-finance its expansion plans, the company plans an Initial Public Offering (IPO) with a public issue of 27.9-lakh equity shares of Rs 10 each.

The price band of the issue has been fixed at Rs 140 to Rs 150 per equity share. The issue would open on July 21 and close on July 24.

The cost of setting up the facility in Chennai would be Rs 16.05-crore. The quality assurance centre and marketing office in Mumbai would be set up at an investment of Rs 5.43-crore.

The issue proceeds would also be utilised for setting up of subsidiaries in UK and USA.
thanks to : economictimes.indiatimes.com