Wednesday, July 23, 2008

Vishal Information Tech IPO - Analysis, Recommendation and Review

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Vishal Information Tech IPO has opened for subscription with its initial public offering (IPO) of 27,90,000 equity shares of Rs 10 each. The issue will close on July 24, 2008. The price band has been fixed at Rs 140-150 per equity share.

Vishal Information Technologies is a company in the field of ITES/BPO services and a subsidiary of Tutis Information Technologies.Credit Analysis and Research (CARE) has assigned "IPO Grade 3" to the Issue. The Equity shares are proposed to be listed on BSE and NSE. Keynote Corporate Services and IDBI Capital Market Services are the BRLMs for the Issue.

Vishal proposes to utilize the net proceeds of the Issue to part finance the cost of the proposed expansion of the facilities in Chennai and the cost of setting up of Quality Assurance Center and Marketing office in Mumbai. The expansion includes increasing Data digitalization seats from present 250 to 450, E-publishing seats from 150 to 250 and Digital Library seats from 75 to 100. The issue proceeds would also be utilized for setting up of subsidiaries in UK and USA.

We do not recommend investors to invest in this issue!

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