Financial Daily from THE HINDU group of publications
Friday, Dec 27, 2002
Financial Daily from THE HINDU group of publications Friday, Dec 27, 2002 |
|
|
|
|
|
Info-Tech
-
Rights Issues Subex may offer equity to Canada bank again Abhrajit Gangopadhyay
BANGALORE, Dec. 26 TELECOM software products company Subex Systems Ltd is likely to issue convertible instruments to Canada's Toronto Dominion Bank as part of its proposed rights issue to raise up to Rs 20 crore, market sources said. Top management of Subex is currently overseas and was not available for comment. Shares of Subex have gained 18.8 per cent on the Bombay Stock Exchange in December tracking such talks. At the end of Thursday's trading, Subex shares closed at Rs 110.25, up 6 per cent over previous day's close, witnessing heavy trading. The stock has appreciated by 44 per cent on the BSE since October. Earlier, Subex had sought shareholder's nod in an extra-ordinary general meeting to raise up to Rs 20 crore through a rights issue. According to market source, Subex is likely to issue warrants to Toronto Dominion Bank, which could be converted into equity shares after 15-18 months. The company had earlier placed close to three per cent of its equity with the bank and raised Rs 2.13 crore. The placement was done for 2,13,770 equity shares of Rs 10 each at a premium of Rs 90. Proceeds from that placement were used towards regular operations. Subex had acquired intellectual property in the form of software source codes and licences of OUTsmart, Ncharge and NMS from Toronto in May last year. The acquisition of intellectual property from Toronto Dominion Bank was intended to enhance the product offering of Subex Systems. Recently, the company announced that it won a contract for the wireline network of the Senegalese carrier, Sonatel, to deploy its Fraud Management Software (FMS), Ranger+. Sonatel, which has one of the highest penetration rates in sub-Saharan Africa, is a wholly-owned subsidiary of the Sonatel group, which has a strategic partnership with France Telecom.
Send this article to Friends by
E-Mail
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|