Subex to issue FCCBs

Subex Ltd has announced that the duly authorized Committee of the Board (CoD) of the Company has, at its meeting held on November 02, 2009, approved the issuance of U.S.$ 98,700,000 5 per cent. convertible unsecured bonds of U.S.$ 100,000 or integral multiples of U.S.$ 1,000 in excess thereof, each of the Company (the "Bonds"). The initial conversion price of the Bonds is Rs. 80.31, the Bonds mature on March 9, 2012 and have a coupon rate of 5 per cent. The Bonds are to be listed on the Singapore Exchange Securities Trading Ltd.

Further, the duly authorized Committee approved the Offering Circular dated November 2, 2009, Trust Deed dated November 02, 2009 with the Bank s New York Mellon, London Branch and Paying and Conversion Agency Agreement dated November 2, 2009 with the Bank of New York Mellon, London Branch as the principal agent, conversion agent, transfer agent and paying agent, the Bank of New York Mellon as the registrar and the Bank of New York Mellon, London Branch as the trustee.

Barclays Capital acted as sole dealer manager to this transaction.

The stock was trading at Rs.71.50, up by Rs.0.50 or 0.70%. The stock hit an intraday high of Rs.73 and low of Rs.68.10.

The total traded quantity was 22979 compared to 2 week average of 135291.

Source : Equity Bulls

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