Subex Azure to raise US$180 million through FCCBs for acquisition of Syndesis Ltd

Subex Azure Ltd on March 02, 2007 has announced that it has successfully launched and priced an offering of U.S.$180 million Foreign Currency Convertible Bonds (FCCBs). The shareholders of the Company had approved the fund raising plans in their meeting held on January 29, 2007.

UBS has acted as the sole book runner for the FCCB issue. The Company will utilise part of the proceeds to fund its proposed acquisition of Syndesis Ltd which it announced on January 18, 2007. The consideration for the proposed acquisition is U.S.$165.4 million. Syndesis Ltd is a leading global provider of telecom OSS (Operational Support Software) solutions.

Speaking on the occasion, the Company's Founder Chairman, Managing Director & CEO, Mr. Subash Menon, said, "This capital raising exercise of the convertible bonds, to be listed at the London Stock Exchange, represents an important milestone for Subex Azure. We are delighted that international institutional investors continue to support our business strategy and its capital raising plans."

Source : Equity Bulls

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