Subex Azure FCCBs and GDRs to trade in London Stock Exchange

Subex Azure Ltd on March 14, 2007 has announced the admission of its foreign currency convertible bonds (FCCBs) and global depository receipts (GDRs), representing its equity shares of Rs 10 each to trading on the London Stock Exchange's Professional Securities Market (PSM).

This listing of the FCCBs and the GDRs follows the successful issue of FCCBs in the aggregate principle sum of US$180 million. The Company will utilise part of the proceeds of the FCCB issue to fund its proposed US$164.5 million acquisition of Syndesis Ltd, a leading provider of telecom OSS (Operational Support Software) solutions.

The GDRs represent existing GDRs which have been trading on the Euro MTF of the Luxembourg Stock Exchange since their admission to the Euro MTF in April and June of 2006. The London listing will replace the Luxembourg listing.

Subash Menon, Founder Chairman, Managing Director & CEO, of the Company said, "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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