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Tue 9 Feb 2010
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Subex |
| Subex To Raise Up To Rs. 48 Crores Through Preferential Placement | |
| Subash Menon’s Investment Company to subscribe BANGALORE, INDIA: Subex Limited, a leading global provider of Operations and Business Support Systems (OSS/BSS), announced today that it is raising up to Rs. 48 crores through a Preferential Placement with an investment company of the Promoter Subash Menon. The shares are being placed exclusively with the Promoter group at the rate of Rs. 80 per share. A maximum of six million shares will be issued as part of this placement. The issue price is higher than the SEBI floor price that is applicable for this issue. Subex had recently restructured a majority of outstanding FCCBs for conversion at Rs. 80.31 resulting in reduction of shareholding of Mr. Menon. The current issue will make up for some of this reduction. “The primary objective of this Preferential Placement is to increase my stake in the company. The fact that I am infusing funds into the company at a price that is higher than the SEBI floor price shows my conviction in the future prospects of the company,” said Subash Menon, Chairman, Managing Director & CEO, Subex Ltd. The proceeds of the issue will mainly be utilized by the company to reduce some of the liabilities like bank loans. This preferential placement that has been approved by the Board of Directors will have to be approved by the shareholders before completion of the process within the next 30 to 45 days. - ENDS- About Subex Limited Subex Limited is a leading global provider of Operations and Business Support Systems (OSS/BSS) that empowers communications service providers (CSPs) to achieve competitive advantage through Business Optimization and Service Agility - thereby enabling them to better operational efficiency to deliver enhanced service experiences to subscribers. The company pioneered the concept of a Revenue Operations Center (ROC) – a centralized approach that sustains profitable growth and financial health through coordinated operational control. Subex's product portfolio powers the ROC and its best-in-class solutions enable new service creation, operational transformation, subscriber-centric fulfillment, provisioning automation, revenue assurance, cost management, data integrity management, fraud management and interconnect / inter-party settlement. Subex's customers include 36 of the world's 72 biggest* telecommunications service providers. The company has more than 300 installations across 70 countries. * Forbes’ Global 2000 list, 2009 For more information please visit www.subexworld.com Forward Looking and Cautionary Statements Certain statements in this release concerning Subex’s products, strategy and future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward–looking statements. The risks and uncertainties relating to these statements include, but are not limited to, market acceptance of Subex’s products and services, Subex’s ability to implement its growth strategy, competition in Subex’s areas of business and general economic conditions affecting the telecom industry. For further information please contact: Vivek Padiyar at Perfect Relations Tel: + 91 9892306446 vpadiyar@perfectrelations.com |
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