Financial Daily from THE HINDU group of publications
Tuesday, May 30, 2006
Financial Daily from THE HINDU group of publications Tuesday, May 30, 2006 |
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Info-Tech
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Overseas Borrowings Subex to hike authorised capital Our Bureau
Bangalore , May 29 Shareholders of Subex Systems Ltd have approved the company's plans to increase the authorised share capital to Rs 40 crore from Rs 32.10 crore at an extraordinary general meeting on Monday. The shareholders also approved the issue of a maximum of 1,21,31,363 Global Depository Receipts (GDRs) of the company to the shareholders of Azure Solutions Ltd as consideration for acquisition of 100 per cent stake in the UK-based firm. In the largest overseas buyout by an Indian software firm till date, Subex recently announced the buy-out of Azure in a stock-plus-cash deal exceeding $140 million. zure is a British Telecom (BT) spin-off and is the largest player in revenue assurance space. It provides solutions for data integrity, wholesale and interconnect billing, international settlements and fraud management among others. The shareholders also approved the name change of the company from Subex Systems Ltd to Subex Azure Ltd. They also approved the replacement of the existing articles of association of the company with a new set of articles of association, Subex said in a notice to the stock exchanges.
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