Subex has completed the restructuring of fits foreign currency convertible bonds (FCCBs). It has received an approval by 97 per cent of its bond holders.
The company has issued new secured bonds worth $127.7 million with a maturity period upto July 2017. On maturity, the bonds can be converted at Rs 22.79 per share, at an interest rate of 5.7 per cent. The bonds worth $36.3 million will be mandatorily converted into equity shares at the aforementioned price.
Subex will be using proceeds from FCCBs to expand its overseas operations.
Further, the maturity period of the existing un-exchanged bonds worth $3.40 million has been extended to March 2017.
In compliance with the Bombay Stock Exchange?s listing guidelines, Subash Menon, chairman, Subex, has stepped down from the position. However, he will continue to be the founder, managing director and chief executive officer of the company.
