Subex Azure Sponsored GDR issue to open on February 19, 2007

Subex Azure Ltd has announced that pursuant to notifications issued by the Government of India and the Reserve Bank of India, the Company is sponsoring a Global Depository Receipts ("GDRs") Offering of not more than 9,000,000 equity shares against the block of shares to be divested by the equity shareholders.

The Company is providing all equity shareholders the opportunity to participate as a selling shareholder in the offering of GDRs on the terms and conditions contained in the invitation to offer. The Company has on February 17, 2007 dispatched copies of the Invitation to offer together with the accompanying documents to those equity shareholders whose names appear on the register of members maintained with the Company, and the register and index of beneficial owners maintained with the depository, in each case at the close of business hours on February 14, 2007.

Further, the invitation to offer is being sent to the equity shareholders at their registered address in India, and if any equity shareholder does not have a registered address in India, then to the address, if any, within India supplied by such equity shareholder to the Company for giving of notices and other documents.

In conjunction with the sponsored GDR offering, the Company is also offering securities for an aggregate amount of up to US $ 200,000,000 comprising (i) zero coupon convertible bonds due 2012, convertible into GDRs and / or Equity shares and, (ii) GDRs representing freshly issued equity shares. Based on the combined size of the primary issue of the GDRs and the sponsored GDR offering, the demand for the GDRs shall first met by the fresh issuance of equity shares by the Company underlying the GDRs and only thereafter from the equity shares underlying the GDRs tendered pursuant to the invitation.

The schedule of activities in relation to the offer is as follows:

Offer Opening Date - February 19, 2007

Offer Closing Date - February 23, 2007

Date by which communication regarding the acceptance of the sponsored equity shares would be dispatched - March 12, 2007

Date by which consideration would be received - Not later than 30 days from the date of closing of the offering

Last date until which the sponsored Equity shares may be held in the escrow account* - May 16, 2007

*Pursuant to the relevant not notification of the RBI, equity shares shall not be retained in the escrow account for a period exceeding 3 months. The Company shall endeavor to return the sponsored equity shares at the earliest if the transaction is not completed or withdrawn.

Source : Equity Bulls

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