Subex completes FCCBs exchange offer

Telecom Lead India: OSS-BSS provider Subex has completed
the FCCB exchange offer post approval from about 97 percent of the bond holders
in value.

The Company has issued new secured bonds worth $127.721
million with a maturity period due July 2017 with a conversion price of Rs
22.79 per share, at an interest rate of 5.70 percent, of which Bonds worth
$36.321 million will be mandatorily converted into equity shares at the
aforesaid conversion price of Rs.22.79 per share.


Subex gets RBI approval for restructuring outstanding FCCBs


In May this year, Subex got RBI approval for
restructuring proposal of its outstanding FCCBs involving a combination of debt
and equity.


The company has extended the maturity period of the
un-exchanged existing bonds worth $ 3.40 million to March 2017.


Subex will shortly launch a cashless exchange offer
wherein the current FCCBs will be exchanged for new FCCBs with a maturity
period of 5 years and fresh equity.


In order to enable the company to be in compliance with
the listing agreements, Subex’s founder and promoter, Subash Menon, has stepped
down as chairman and will continue to lead the company in the capacity of
managing director and CEO.


We will continue to work hard to provide the
best-in-class solutions to our customers and sustain our market leadership in
BSS. With the increasing traction for our industry-leading Revenue Operations
Center (ROC®) and Managed Services offering and the non-linearity in the business,
we are confident of better times ahead,” said Subash Menon, founder, MD &
CEO, Subex Limited.


The company has also announced that Surjeet Singh and
Karthikeyan Muthuswamy have joined the company’s board as additional directors,
taking the total count to six, including Anil Singhvi, Sanjeev Aga, Subash
Menon and Sudeesh Yezhuvath.


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