Subex to raise $135 million through QIP, FCCB, GDR and ADR to repay its debts

In a statement to the Bombay Stock Exchange (BSE), Subex, a business support systems provider, plans to raise $135 million through QIP, FCCB, GDR and ADR to repay its debts.

The statement said, ?Further to the meeting of the board of directors and the Extraordinary General Meeting, the members have authorised the company to create, issue, offer and allot, through Qualified Institutional Placement (QIP), preferential issue and/or other placement of equity shares through Foreign Currency Convertible Bond (FCCB), Global Depositary Receipt (GDR), American Depositary Receipt (ADR) or any other securities convertible into equity shares provided the amount does not exceed $135 million.?

The board has also approved the company raising the authorised share capital to Rs 2.47 billion from Rs 1.30 billion, according to the statement.