Financial Daily from THE HINDU group of publications
Wednesday, Nov 24, 2004
Financial Daily from THE HINDU group of publications Wednesday, Nov 24, 2004 |
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Info-Tech
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Mergers & Acquisitions Intel Capital trims stake in Subex Systems Vishwanath Kulkarni
Bangalore , Nov. 23 INTEL Capital, the venture arm of chip major Intel, has pared its holdings in Subex Systems Ltd, the Bangalore-based telecom software maker. Intel Capital sold two lakh equity shares amounting to 2.16 per cent of the total paid-up capital of Subex Systems through market sale on November 18. This reduces the shareholding to around 8.38 per cent of the paid-up capital of Subex. Intel Capital now owns about 7.59 lakh shares in Subex. "Intel had come in as a financial investor about an year-and-half ago and had picked up a little over 10 per cent stake through the preferential route. Through this sale they have reduced their stake a bit," said Mr Subash Menon, President and CEO, Subex Systems. The promoters hold 43.45 per cent stake in the company, while FIIs including Matterhorn Ventures, Morgan Stanley Dean Writer and Toronto Dominion Bank own around 15 per cent of Subex' shares. Mutual funds and UTI hold around 11 per cent stake while the public holding is around 15.5 per cent. Subex shares ended 2.11 per cent higher on Tuesday at Rs 348.6 on the Bombay Stock Exchange. The company, which did two product acquisitions over the last few months to beef up its revenue maximisation portfolio, expects its topline to grow at 15-20 per cent and profits at 25-30 per cent for the current year over previous year. Product revenue for the current year is expected to grow at 30-35 per cent while services revenues is projected to grow by 7-10 per cent. However, for financial year 2005-06, Subex Systems expects its revenues to grow by 35-40 per cent and profit after tax by 50-55 per cent , over the current year's growth.
More Stories on : Mergers & Acquisitions | Software
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