Subex to raise Rs 64 cr via strategic equity sale

CIOL Bureau
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BANGALORE, INDIA: Subex Ltd, a provider of operations and business support systems (OSS/BSS) for communications service providers (CSPs), has announced that it’s board of directors has approved a preferential allotment of shares.

A maximum of eight million shares will be issued at Rs. 80 after obtaining necessary approval from the shareholders during the AGM on September 13. The move will fetch up to Rs. 64 crore to the company, said a statement.

The exact quantum will be decided later. The shares are being issued to the investment vehicle of a telecom operator - Rayed Holding & Finance SA.

“This investment from an entity that understands the telecom software sector well vindicates our stand on the bright future of the company. They were particularly impressed with our positioning and strategy around revenue operations centre (ROC) and managed services. The fact that they are investing at a price that is significantly higher than the current market price establishes their confidence in the company,” said Subash Menon, founder chairman, managing director and CEO, Subex Ltd.