Subex to raise $200 mln via GDRs, FCCBs

New Delhi, Dec 18 (UNI) Software developer Subex Azure Ltd has announced it will raise up to 200 million dollars through issue of Global Depositary Receipts (GDRs) and Foreign Currency Convertible Bonds (FCCBs) or a combination of both.

It proposes to list these GDRs and FCCBs on a European exchange. The proceeds from the issuance are expected to be utilised to fund the company's growth plans, which include entry-into new segments in the Operations Support Software (OSS) space, a statement said.

The precise details of any fund raising, already approved by the company's board, are yet to be finalised.

The board has also approved to increase the authorised share capital of the company from Rs 40 crore to Rs 50 crore and to raise the cap on investment by foreign institutional investors (FIIs) in to 100 per cent of the paid up capital of the company.

Subex Azure will convene an Extraordinary General Meeting (EGM) for the consideration of the above things on January 29, 2007.

UNI KR PV VV1938