Stake Sale

Subex updates on outstanding FCCBs



Posted On : 2009-09-24 23:02:16( TIMEZONE : IST )

Subex Ltd has announced that the duly authorized Committee of the Board (CoD) of the Company has, at its meeting held on September 24, 2009 decided to invite holders of its outstanding US$ 180 million 2% Coupon Convertible Unsecured Bonds due 2012 (the "Existing Bonds") to offer to exchange any or all of such Existing Bonds for new US$- denominated convertible unsecured bonds due 2012 (the "New Bonds"). The floor price for the New Bonds shall be Rs 80.31/-. Barclays Bank PLC is acting as Dealer Manager of the transaction.

Further the Company has informed that, duly authorized Committee of the Board of the Company has, at its meeting held on September 24, 2009 has decided to (i) increase the authorized share capital of the Company to Rs 130,00,00,000 (Rupees One Hundred and Thirty Crores only) divided into 12,80,40,000 (Twelve Crore Eighty Lakhs and Forty Thousand only) equity shares of Rs 10 (Rupees Ten only) and 2,00,000 (Two Lakhs) preference shares of Rs 98 (Rupees Ninety Eight Only) (ii) issue equity shares and / or convertible instruments convertible into up to 80,000,000 (eighty million) equity shares of the Company and (iii) convene an extraordinary general meeting for the same to be held on October 20, 2009.

The stock was trading at Rs.88.25, up by Rs.2.10 or 2.44%. The stock hit an intraday high of Rs.90.50 and low of Rs.86.

The total traded quantity was 114545 compared to 2 week average of 382231.

Source : Equity Bulls

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