Chennai- based Vishal Information Technologies (VITL) has filed its DRHP with Sebi on March 13, 2008 to enter the capital market with a public issue of 27.90 lakh equity shares of Rs 10 each at a price to be determined at a later stage through the book building process. The issue consists of a fresh issue of 17.90 lakh equity shares and an offer for sale of 10 lakh equity shares by Mr. Rohit Mehta, Mr. Bharat Doshi, Ms. Jyoti Doshi, Ms. Anju Saraf, M/s. Balaji Universal Trade Link Pvt. Ltd and M/s The Metal Rolling Works Ltd. The issue will constitute 26.12% of the fully diluted post issue capital of the company.
The company proposes to list the shares on BSE and NSE. The BRLM to the issue is Keynote Corporate Services.
The company proposes to use the funds raised through the issue to partly finance the cost of expansion of its Chennai facilities to the tune of Rs 16.05 crore; for setting up a Quality Assurance Center and a marketing office in Mumbai at a cost of Rs 5.44 crore and Rs 6 crore for setting up subsidiaries in United Kingdom and the US.
Founded in 2000, the company is engaged in the business of providing data conversion, data digitization, E- Publishing and Print on demand services to large global organizations. These services are provided using a mix of custom designing data processes, assembling a delivery team comprising generalists and domain specialists and developing customized software to integrate its processes with those of the clients.
VITL is a subsidiary of Tutis Technologies, which is engaged into biometric products, software development and consultancy. The programming and project management skills of Tutis Technologies are utilized in easing out bottlenecks in ITES. It has clients such as Syndicate Bank, Nabard, Wipro, Siemens, Novartis, LIC, Ipca Laboratories etc. VITL has its branches in Mumbai and Chennai with a representative office in UK and UAE.
The company also provides knowledge process outsourced services to clients abroad. The company has developed a technology called Digital Library for Visually Impaired and Blind which enables conversion of the normal fonts into the Braille script and creating larger fonts for the visually handicapped. As on date, the company converted approximately 8,000 books.
For the year ended March 31, 2007, the company posted an income of Rs 31.44 crore and net profit of Rs 10.21 crore as against an income of Rs 25.64 crore and net profit of Rs 8.22 crore for FY06. For the six months ended September 30, 2007 the income posted was Rs 20.32 crore and net profit was Rs 4.92 crore.