Telecom Lead India: OSS-BSS provider Subex announced that
RBI has approved the restructuring proposal of its outstanding FCCBs involving
a combination of debt and equity.
The company 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.
We are happy that RBI has given us approval to complete
the restructuring of FCCBs. This restructuring proposal has been formulated
with the active support of our existing bondholders whom we have been closely
working with. We are confident that with their continued support, we will be
able to complete the restructuring in the next 45-60 days,” said Subash Menon,
founder chairman, managing director & CEO, Subex.
I am also glad to state that this approval from RBI will
help us reach a final and conclusive solution to the FCCB issue. With this, all
concerns about the financial stability of the company will be put to rest once
and for all. We are confident of better times ahead and will continue to work
hard to sustain our market leadership in BSS. The increasing uptake for our
industry-changing Revenue Operations Center (ROCÂ®) and Managed Services
offering and the non-linearity in the business are clear indicators that we are
here to stay,” Menon added.
Subex revenue up 5% at $26.05 million in Q3 FY12
Recently, Subex reported net consolidated revenue of Rs
1328.69 million ($26.05 million) for the third quarter of FY12, up
from Rs 1267.72 million ($24.86 million) in FY11 Q3.
The company’s net profit grew at Rs 285.38 million
($5.60 million) up from Rs 240.41 million ($4.71 million) in FY11 Q3.