Google
 

Friday, July 25, 2008

Vishal Information Technologies subscribed 1.19 times

The IPO of Vishal Information Technologies, a company in the field of IT Enabled Services / BPO services and a subsidiary of Tutis Information Technologies received total bids for 33,28,760 equity shares. Bids were invited for total issue size of 27,90,000 equity shares. It subscribed 1.19 times. The Issue consisted of fresh Issue of 17,90,000 Equity shares and an offer for sale of 10,00,000 Equity shares by "Selling shareholders".

The Issue will constitute 26.12% of the fully diluted Equity share capital of the Company. 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.

Presently the Company operates from leased facilities in Chennai and Mumbai with approximately 475 workstations. As part of the expansion plans, the Company intends to set up new facilities to support the increase in business from existing and new clients. It proposes to buy an office space of approximately 15,000 sq. ft. at Special Economic Zone (SEZ) in Chennai. The Company gets its business mainly from the United Kingdom and United States of America through tenders floated by the various government authorities, educational institutes, etc. Presently it does not have any presence in the UK and USA which many a times acts as hindrance for getting the work allotted. It feels that its offshore presence in the form of a subsidiary company would enable Vishal’s participation in the bidding process more active and fruitful. The various other marketing activities for Vishal would also be carried out from these subsidiaries.

Friday, July 18, 2008

BASF raises Buy-Back price to Rs 300 per share for 6.3 mn shares

BASF India Ltd is going to acquire upto 6,289,591 full paid-up Equity Shares, constituting 22.31% of the Voting Capital of BASE India Ltd at a price of Rs 300 (the "Revised Office Price) per Equity Sharein accordance with Regulation 26 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 1997. The decision was taken by Committee of Directors of BASF SE and later it has been informed to BSE. Earlier, the company offered Rs. 274 per Equity Share. BASF SE would pay such Revised Offer Price for all the Equity Shares validly tendered any time during the Offer period and accepted under the Offer.

Tuesday, July 15, 2008

Vishal Information Technologies Limited IPO Opening

About the company:

The Company incorporated in 1994 as a Subsidiary firm of Tutis Technologies (Biometric Products, Software Development and consulting). Its branches are in Mumbai and Chennai. Representative office: UK and UAE.

Special points: Its among the first few companies to venture in the field of ITES/BPO services. Pioneers in the concept called “Digital Library for Visually Impaired and Blind” in respect of Classic series. Business: Data digitization, E-publishing and digital library, Print on Demand (POD)

Objects of the Issue

  • To finance the cost of expansion of the facilities in Chennai;
  • To finance the cost of setting up of Quality Assurance Center and Marketing office in Mumbai;
  • To set up a subsidiary in the United Kingdom and United States of America;
  • General Corporate Purposes;
  • Meeting the Public Issue Expenses.

Important Points:

  • Opening on: 21-Jul 2008
  • Closing on: 24-Jul 2008
  • Size (Equity Shares): 27,90,000
  • Type: 100% Book Built Issue (Initial Public Offer IPO)
  • Face Value: Rs. 10/-
  • Price Rang/ Price Band: Rs 140 to Rs 150