Subex promoters to increase their stake in company

Bangalore, June 11 (UNI) Subex Azure Limited (SAL), a leading global provider of OSS solutions for Telecom operators, has announced a preferential issue of warrants to its promoters and the promoter group.

It had been approved at the company's share-holders meeting on June four.

The promoters, comprising Subex Holdings Private Limited and Subash Menon, would have their stake increased from 8.73 per cent (3,040,960 shares) to 13.07 per cent (4,840,960 shares).

Sudeesh Yezhuvath, belonging to the promoter group, would have his stake increased from 0.37 per cent (127,660 shares) to 1.51 per cent (557,660 shares), a company release said today.

Chief Operating Officer Sudeesh Yezhuvath was being allotted 430,000 warrants. Each warrant was convertable into an equity share of SAL, and had been priced at Rs 630.31 as per pricing norms under the SEBI guidelines, the release added.

UNI