Maturity of Subex's FCCBs Being Extended

RBI has approved the extension of the maturity period of all the outstanding FCCBs of Subex Ltd to 9th July, 2012. This extension was sought by the company to have adequate time to complete the re-structuring activity that it is undertaking with the existing bondholders.

Subex has convened a meeting of the bondholders on the 6th of March, during which meeting the bondholders are expected to approve this extension. With the approval, the extension process will be complete paving the way for the second stage.

The Subex Ltd stock was trading at Rs.29.95, down by Rs.0.75 or 2.44%. The stock hit an intraday high of Rs.31.50 and low of Rs.29.50.

The total traded quantity was 0.41 lakhs compared to 2 week average of 1.08 lakhs.

Source : Equity Bulls

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