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Bangalore, March 2

Subex Azure has raised $180 million through the foreign currency convertible bonds (FCCBs) to fund its proposed acquisition of Syndesis, a global telecom software solutions provider. The offering is priced at Rs 656 per bond, marginally higher than the current market price. Subex plans to use part of the proceeds to fund the Syndesis acquisition for $164.5 million. UBS has acted as the sole book runner for the FCCB issue. Subex shares ended 4 per cent lower on Friday at Rs 596 on the BSE. "This capital raising exercise of the convertible bonds, to be listed at the London Stock Exchange, represents an important milestone for Subex Azure. We are delighted that international institutional investors continue to support our business strategy and capital raising plans," said Mr Subash Menon, Chairman and Managing Director, Subex Azure. The Syndesis buyout would enhance Subex's offering in the operational support software space.

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Subex Azure raises $180 m

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