IT major Vishal Information Technologies is planning to issue shares in the international market in order to satisfy its increasing fund requirements amid tight conditions of financial market under the impact of global slowdown.

The company's Board of Directors has already approved Global Depository Receipts (GDRs), fixing price of underlying equity shares at Rs 320 a GDR, as per its filing before the Bombay Stock Exchange.

The firm has decided to issue 6 new shares for every GDR after conversion, hoping substantial increase in earning to overcome its financial needs.

Shares of IT firm surged 0.93 per cent in the afternoon session and closed at Rs 332 on the Bombay Stock Exchange.