Subex Inc receives waiver of loan from US Federal Government

Subex Inc, (a subsidiary of Subex Ltd) has received waiver for an amount of US$ 799,167 along with interest of US$ 8,302.46 received as business loan under Paycheck Protection Program from the United States Federal Government.

The US Federal government in the wake of COVID 19 pandemic has provided support to business through Paycheck Protection Program (PPP). Subex Inc. (a subsidiary of the Company) have obtained a benefit under this scheme for US$ 799,167 (equivalent to Rs. 600 Lakhs) during May 2020. This loan is eligible for forgiveness on fulfillment of certain conditions. Subex Inc. has applied for forgiveness by making an application to Small Business Administration (SBA), United States government agency for review and approval. Based on the loan forgiveness approval received from SBA, Subex Inc is no longer required to repay the loan of US$ 799,167 and the interest amount of US$ 8,302.46 received as business loan under Paycheck Protection Program from the United States Federal Government. We have received confirmation from SBA on 25/05/2021.

Shares of SUBEX LTD. was last trading in BSE at Rs.55.9 as compared to the previous close of Rs. 57.85. The total number of shares traded during the day was 1283554 in over 6798 trades.

The stock hit an intraday high of Rs. 58.5 and intraday low of 55.6. The net turnover during the day was Rs. 72251121.

Source : Equity Bulls

Keywords