Subex Ltd has announced that the Board of Directors of the company at its meeting held on March 28, 2016, has discussed and approved allotment of 8,10,63,426 equity shares pursuant to the conversion of US$ 18.80 million out of the Company’s US$ 23.35 million bonds that are outstanding under the US$ 127,721,000 5.70 percent secured convertible bonds due 2017 on March 28, 2016. Post the conversion, FCCBs aggregating to US$ 4.55 million are outstanding under the said Bonds.
Subject to the listing and trading approval of the NSE and BSE, the paid-up share capital of the Company has increased from Rs. 421,74,82,200 to Rs. 502,81,16,460.
The money borrowed by Subex Americas Inc, a subsidiary of the company amounting to $12m, the lenders have agreed to waive the interest due and payable till August 22, 2016 amounting to $ 3,583,984. They have also agreed to reduce the interest rate from 10.5% to 5% p.a thereafter till the maturity of the loans.