Subex to raise $1.5M through FCCBs

By agencies   |   Monday, 21 February 2005, 08:00 Hrs
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NEW DELHI: Subex Systems Monday said it has received board of directors nod to raise $1.5 million through issue of Foreign Currency Convertible Bonds (FCCB).

The board of directors has allotted 2,30,769 equity shares of Rs 10 each at a premium of Rs 290 each to Merrill Lynch Capital Markets Espana S.A.SV to be converted as FCCBs of nominal value $1.5 million.

The company also informed that the board has accepted the resignation of former executive director Alex P J with effect from February 3, but he will remain as a director on the board of the company, it added.

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