Vishal Information IPO Basis of Allotment

Vishal Information Technologies Ltd.

(The company was incorporated on 2nd May, 1994 as a private limited company in the name of Shree Vishal Datasystems Pvt Ltd which was changed to Shree Vishal Data Systems Ltd w.e.f 13th March 2000.The name of the company was changed to Vishal Information Technologies Limited on 17th April, 2000 The Corporate Identity Number of the Company is U32109TN1994PLC061452.The company is subsidiary of Tutis Technologies Limited formerly Amex Information Technologies Limited)

Registered Office: Kingsley Chambers, Block No 26, Ramasamy Street, T Nagar, Mambalam, Guindy Taluk,
Chennai- 600017 Tel.: +91-044-24362751 -55, Fax: +91-044-24362756,
E-mail: investors@vishalinfotech.com, Website: www.vishalinfotech.com
Contact Person: Mr Sunil S Soni, Company Secretary & Compliance Officer

PUBLIC ISSUE OF 27,90,000 EQUITY SHARES OF RS. 10 EACH ('EQUITY SHARES') OF VISHAL INFORMATION TECHNOLOGIES LIMITED (THE 'COMPANY' OR THE 'ISSUER') FOR CASH AT A PRICE OF RS. 150 PER EQUITY SHARE (INCLUDING SHARE PREMIUM OF RS. 140 PER EQUITY SHARE), CONSISTING OF A FRESH ISSUE OF 17,90,000 EQUITY SHARES ('FRESH ISSUE') AND AN OFFER FOR SALE OF 10,00,000 EQUITY SHARES BY MR. ROHIT MEHTA, M/S BALAJI UNIVERSAL TRADELINK PVT. LTD., M/S. THE METAL ROLLING WORKS LTD., MS. ANJU SARAF, MS.JYOTI DOSHI AND MR. BHARAT DOSHI (THE 'SELLING SHAREHOLDERS'). THE ISSUE WILL CONSTITUTE 26.12% OF THE FULLY DILUTED EQUITY SHARE CAPITAL OF OUR COMPANY.
THE FACE VALUE PER EQUITY SHARE IS RS 10/-.
THE ISSUE PRICE PER EQUITY SHARE IS RS. 150/- AND IT IS 15 TIMES THE FACE VALUE.
The Issue made through the 100% Book Building Process wherein upto 50% of the net Issue was to be allocated on a proportionate basis to Qualified Institutional Buyers ('QIBs') (including 5% of the QIB portion that was to specifically be allotted to mutual funds), further, up to 15% of the Issue shall be available for allocation on a proportionate basis to Non-lnstrtutional Bidders and not less than 35% of the Issue shall be available for allocation on a proportionate basis to Retail Bidders subject to valid bids being received at or above the Issue Price.
The Issue received 4253 applications for 3205760 equity shares resulting in 1.1490 times subscription The details of the applications received in the Issue from Qualified Institutional Buyers, Non-lnstrtutional, Retail Individual Investor categories are as under (Before technical rejections)

Final Demand
A sample of the final demand at different bid prices is as under:

The Basis of Allocation was finalized in consultation with the Bombay Stock Exchange Limited ('BSE') on 1st August, 2008.

A. Allocation to Retail Individual Investors (After Technical Rejections)
The Basis of Allocation to Retail Individual Investors, who have bid at cut-off or at the Issue Price of Rs. 150/- per Equity Share, was finalized in consultation with BSE. The category was over subscribed 1.236181 times. The total number of equity shares allotted in this category is 1613829 to 3988 successful applicants Including Spin over from QIB Category (537852 Equity Shares) and HNI Category (98648). The category-wise details of Basis of Allocation are as under:  

B. Allocation to Non Institutional Investors (After Technical Rejections)
The Basis of Allocation to Non-Institutional Investors, who have bid at the Issue Pnce of Rs 150/- per Equity Share, was finalized in consultation with BSE The category was under subscribed 0.848002 times The total number of Equity Shares allotted in this category is 550360 Equity Shares to 38 successful applicants including spill over from QIB Category (230508 Equity Shares) and the unsubscnbed portion (98648 Equity shares) is spilled over to Retail Individual Investors category The cateaorv-wise details of Basis of Allocation are as under (Sample)

C. Allocation to QIBs
Allocation to QIBs has been done on a proportionate basis in consultation with BSE. As per the SEBI guidelines, QIBs and unsatisfied demands of Mutual Funds were allotted the remaining available shares 626640 to 2 successful applicants on proportionate basis. The Unsubscribed portion (537852 Equity shares) is spilled over to Retail Individual Investors category and (230508 Equity Shares) is spilled over to Non Institutional Investors

The Board of Directors of the company at it s Meeting held at Mumbai on August 02,2008 has approved the basis of allocation of shares of the Issue and has allotted the shares to various successful applicants
The CAN-cum-Refund Orders and allotment advice and notices have been dispatched to the address of the investors as registered with the depositories In case the same is not received within ten days, investors may contact at the address given below The Refund Orders have been over-printed with the Bank Mandate details as registered, if any, with the deposrtones The shares allocated to successful applicants are being credited to their beneficiary accounts subiect to validation of the account details with the deposrtones concerned The company is taking steps to get the equity shares admitted for trading on the National Stock Exchange of India Limited and Bombay Stock Exchange Limited within seven working days from the date of approval of the basis of allocation

All future correspondence in this regard may kindly be addressed to the Registrars to the issue quoting full name of the First/ Sole applicant, Serial number of the bid-cum-application form, number of shares bid for, name of the Member of the Syndicate and Place where the bid was submitted and payment details at the address given below

INTIME SPECTRUM REGISTRY LIMITED
C-13, Pannalal Silk Mills Compound, LBS Marg, Bhandup West, Mumbai - 400 078
Tel: 91 22 2596 0320, Fax: 91 22 2596 0329,  E-mail: vitl.ipo@intimespectrum.com

THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARE ON LISTING OR THE BUSINESS PROSPECTS OF VISHAL INFORMATION TECHNOLOGIES LIMITED