The company would issue 27.90 lakh equity shares in the price band of Rs 140-150 and the offer would close on July 24, Vishal Information Technologies said in a statement.
At the upper end of the price band, the company would raise about Rs 41.85 crore, while at the lower end it would raise Rs 39.06 crore.
The public issue of 27.90 lakh shares of Rs 10 each, would comprise of a fresh issue of 17.90 lakh equity shares and an offer for sale of 10 lakh shares.
The company would reserve 13.95 lakh shares for qualified institutional buyers, while 4,18,500 shares will be set aside for non-institutional investors. Further, retail investors could subscribe to 9,76,500 shares.
Credit rating agency CARE has assigned "IPO Grade 3" to the offer indicating average fundamentals.
Chennai-based Vishal Information Technologies (VITL) is an ITES company promoted by Tutis Technologies.
