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Subex to raise $135 mn funds

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CIOL Bureau
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MUMBAI, INDIA: Subex Ltd, a global provider of Business Support Systems (BSS) for Communications Service Providers (CSPs), has obtained Board approval to raise up to $135 million.

This is subject to the approval of the shareholders at the Extra-ordinary General Meeting of the Members to be held on December 28, a press release said.

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The company has two tranches of Foreign Currency Convertible Bonds (FCCBs) with a total redemption value of $131 million, which it needs to redeem in March 2012 and the current fund raise is to meet that obligation.

Also read: Subex to sell its Activation biz to NetCracker

“We intend to raise the required amount through debt or equity or a combination of the two. We are clearly committed towards our customers and investors and are confident of the future of the business seeing the increasing traction for the company’s industry leading ROC and Managed Services offering,” said Subash Menon, founder chairman, managing director and CEO, Subex.