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Subex has got the RBI’s approval to restructure its outstanding foreign currency convertible bonds (FCCBs).
The company is a provider of business support systems for communications service providers.
Subex will shortly launch a cashless exchange offer wherein the current FCCBs (a combination of debt and equity) will be exchanged for new FCCBs with a maturity period of five years and fresh equity, a press statement said.
“This restructuring proposal has been formulated with the active support of our existing bondholders whom we have been closely working with. We are confident that with their continued support, we will be able to complete the restructuring in the next 45-60 days,” Mr Subash Menon, Founder Chairman, Managing Director & CEO, Subex, said in the statement.
“With this, all concerns about the financial stability of the company will be put to rest once and for all. We are confident of better times ahead,” he added.
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