The Hindu Business Line : Subex Systems raises $10 m

BANGALORE: Telecom software maker Subex Systems Ltd said on Wednesday that it has raised $10 million through the Foreign Currency Convertible Bonds (FCCB) issue to fund its overseas acquisitions. Listed on the Luxembourg Stock Exchange, the FCCBs are due for redemption on December 31, 2009, at par value, if not converted into shares, the company said in a notice to the Bombay Stock Exchange.

The initial conversion price of the bonds was Rs 300 ($6.5) per share and the bonds carry a coupon of two per cent over the six months US LIBOR. The issue was fully subscribed by reputed international institutional investors, the company said in a statement.

Subex recently announced the acquisition of the fraud management business of Alcatel and Lightbridge, thereby gaining access to Tier I clients in Europe and the US.

Meanwhile, Subex informed the National Stock Exchange that Intel Capital Corp, the investment arm of Intel, has hiked its stake in the company by acquiring an additional 4.79 lakh shares.

The shareholding of Intel Capital after the acquisition will be 9.59 lakh shares or 10.73 per cent. Intel Capital has converted 4.79 lakh redeemable optionally convertible cumulative preference shares into equity shares and the date of acquisition was September 13, 2004, it said.