Subex Ltd approves preferential issue for $12 million

The Board of Directors of Subex Ltd at its Board Meeting held on March 24, 2017 have approved the issue of fresh equity shares of the company with a face value of Rs. 10 each of upto 11% of the paid up share capitl of the company for an aggregatee amount of the rupee equivalent of $12 million on preferential basis to QVT Singapore Fund Pte. Ltd., Tonbridge (Mauritius) Limited and Leeds (Mauritius) Limited, subject to the approval of members and necessary regulatory approvals. This fund would be used to strengthen the long-term capital structure of the company.

The Board also approved an increase in the authorized share capital from Rs. 547,00,00,000 divided into 54,50,40,000 equity shares of Rs. 10 each and 200,000 preference shares of Rs. 98 each, to Rs. 590,00,00,000 divided into 58,80,40,000 equity shares of Rs. 10 each and 2,00,000 preference shares of Rs. 98 each.

The equity shares will be issued at a price in accordance with SEBI regulations and not exceeding Rs. 14 per equity shares.

Shares of SUBEX LTD. was last trading in BSE at Rs.11.7 as compared to the previous close of Rs. 11.62. The total number of shares traded during the day was 2991963 in over 3268 trades.

The stock hit an intraday high of Rs. 12.22 and intraday low of 11.61. The net turnover during the day was Rs. 35737040.

Source : Equity Bulls

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