Subex Azure to infuse Rs 141 cr via pref issue

MUMBAI: Telecom solutions provider, Subex Azure, on Monday, said it will mop up Rs 140.79 crore through issue of warrants to promoters on a preferential basis.

As a result of the issue, the promoters, comprising Subex Holdings Pvt Ltd (SHPL) and Subash Menon, will have their stake increased to 13.07 per cent (48.40 lakh shares) from 8.73 per cent (30.41 lakh shares), Subex Azure informed the BSE.

Sudeesh Yezhuvath, belonging to the promoter group, will have his stake increased to 1.51 per cent (5.58 lakh shares) from 0.37 per cent representing 1.28 lakh shares earlier, it added.

SHPL, where Subash Menon (Founder Chairman, Managing Director and CEO of the company) holds 100 per cent stake, is being allotted 18 lakh equity linked warrants while Chief operating officer Sudeesh Yezhuvath is being allotted 4.30 lakh warrants at a price of Rs 630.31 each.

Each warrant is convertible into one equity share of the company, Subex said.

At the end of March, mutual funds held 14.59 per cent stake in Subex, while foreign institutional investors controlled 15 per cent stake in the company.

Shareholders of the Banglore-based firm have already given their nod to the proposed preferential issue of warrants to its promoter group, the company added.

The company did not mention how it intends to utilise the funds to be raised from the preferential issue.
Shares of Subex closed today at Rs 605.10, down 2.15 per cent on the BSE.