Subex Azure's board approves GDR / FCCB issue of up to USD 200 million

Subex Azure Ltd has announced that it proposes to issue Global Depositary Receipts (GDRs) and / or Foreign Currency Convertible Bonds (FCCBs) or a combination of both, aggregating up to USD 200 million. It is proposed to list these GDRs / FCCBs on a European exchange. The proceeds from the issuance are expected to be utilized to fund the Company’s growth plans, which include entry-into new segments in the Operations Support Software (OSS) space. A resolution to this effect was passed by the board of directors at a meeting held on December 15, 2006. The precise details of any fundraising have yet to be finalized.

Source : Equity Bulls

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