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News >> Technology >>
Matterhorn augments stake in Subex
By agencies
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Monday, 20 June 2005, 19:30 IST
BANGALORE: Matterhorn Advisory, a foreign institutional investor has hiked its stake in the Bangalore based teleco software producer Subex Systems Ltd, to 7.75 percent.
After taking over some 37,000 shares via sub accounts from the past two months to increase its share holding to about 719,000 shares which has resulted in it becoming the largest institutional share holder Subex System.
The CEO of Subex Systems, Subash Menon alone owns 15 percent of the stake and through holdings he owns another 10 percent more in the Subex Systems.
Other major institutional investors include Prudential ICICI Mutual Fund, holds 745,059 shares summing up 7.39 percent of the total paid-up capital of Subex Systems. Reliance Energy Investments and Reliance Capital have recorded a stake close to five percent.
Subex has achieved a 45 percent growth in the net profit for the present fiscal year accounting Rs 257.2 million on revenues of Rs 1.16 billion; recently it has received a $1.5 million order for deploying its flagship product, Ranger from an Asian company.
The company is expecting its product business to grow to Rs 950 million to 1 billion and the profit tax from 380 million to 400 million.