Subex Azure promoters to increase their stake in the Company

Subex Azure Ltd has announced a preferential issue of warrants to its promoters / promoter group. The issue has been approved by the Company's shareholders at their meeting held on June 04, 2007.

As a result of the issue, the promoters, comprising Subex Holdings Pvt Ltd (SHPL) and Subash Menon, will have their stake increased from 8.73% (3,040,960 shares) to 13.07% (4,840,960 shares). Sudeesh Yezhuvath, belonging to the promoter group, will have his stake increased from 0.37% (127,660 shares) to 1.51% (557,660 shares).

SHPL, where Subash Menon (Founder Chairman, Managing Director and CEO of the Company) holds 100% stake, is being allotted 1,800,000 warrants of the Company. Chief operating officer Sudeesh Yezhuvath is being allotted 430,000 warrants. Each warrant is convertible into one equity share of the Company, and has been priced at Rs 630.31 as per the pricing norms under the SEBI guidelines.

The stock was trading at Rs.617, down by Rs.1.40 or 0.23%. The stock hit an intraday high of Rs.635 and low of Rs.616. The total traded quantity was 10458 compared to 2 week average of 30305.

Source : Equity Bulls

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