The Hindu Business Line : Subex Azure plans GDR issue to increase overseas float

Telecom software maker Subex Azure Ltd plans to sponsor a GDR/GDS issue of up to 90 lakh shares to increase its overseas float, thereby, providing an exit option for some of the existing investors. At current market price of Rs 550, the issue, if fully subscribed, would exceed $100 million in size.

"We are eyeing one of the major European exchanges to list the GDR/GDS in the next three to four months," said Mr Subash Menon, Chairman and CEO, Subex Azure Ltd. The proposed issue when fully subscribed would increase the company's overseas float to a little over 50 per cent.

At present, about 33.5 per cent of Subex's shares are held by overseas investors, while promoters own about 11.6 per cent. "The proposed issue would give exit option to some existing investors even while bringing on board a new class of investors," Mr Menon said.

Surge in profit

Following the consolidation of Azure Solutions, Subex Azure reported 356 per cent jump in net profit to Rs 17.1 crore for the quarter-ended September 2006 over the previous quarter. Revenues during the quarter surged 137 per cent to Rs 43.4 crore over the previous quarter. Product revenues accounted for 72 per cent of the total revenues, Mr Menon said. He added that, "We are on our track to increase product revenues to the targeted 80 per cent by next year".

More Stories on : Overseas Borrowings | Stocks | Software

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Subex Azure plans GDR issue to increase overseas float

Tech SEZs — the next growth engine

ICSA (India) Q2 revenue, net up

TCS buys 75% stake in Swiss co

Bharti inks $400-m deal with Nokia