Subex to issue 8 million shares to Rayed Holding

Subex Ltd has announced that the Board of Directors of the Company at its meeting held on August 11, 2010, has approved the issue of upto 8 million equity shares of the Company to M/s. Rayed Holding & Finance S.A. for a price of Rs. 80/- per equity share, which would be higher than the minimum price computed in accordance with Chapter VII of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.

The Board has sought approval of the members of the Company to the aforesaid issue at the forthcoming Annual General Meeting scheduled to be held on September 13, 2010.

The stock was trading at Rs.58, up by Rs.2.30 or 4.13%. The stock hit an intraday high of Rs.61 and low of Rs.55.

The total traded quantity was 2252705 compared to 2 week average of 487638.

Source : Equity Bulls

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