The Hindu Business Line : Subex co-founder quits, sells 12 lakh shares

The co-founder and Executive Director of the Bangalore-based telecom software maker Subex Systems Ltd, Mr Alex Puthenchira, sold 12 lakh shares and resigned as executive director on Wednesday.

"For the past couple of years, Mr Alex was not handling any operational responsibilities and was a financial investor. He has quit to pursue other options," said Mr Subash Menon, CEO, Subex Systems.

Mr Puthenchira, who had co-founded Subex Systems in 1992 along with Mr Subash Menon, continues to own another three lakh shares.

In addition, he also continues to hold significant stake in Subex Holdings, which owns about 10 per cent of Subex Systems.

The 12-lakh shares were sold by Mr Puthenchira in two block deals — one deal of eight lakh shares at Rs 400 per share, and another of four lakh shares at Rs 375 per share.

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Subex co-founder quits, sells 12 lakh shares