The promoters' holding in Subex Azure, a Bangalore-based telecom software provider, has gone up to 14.58% from 9.10%, following a preferential issue of warrants to its promoters, the company told the Bombay Stock Exchange. The issue was approved by the company's shareholders at its meeting held on June 4.As a result of the issue, the promoters, comprising Subex Holdings Pvt (SHPL) and Subash Menon, will have their stake increased from 8.73% (30,40,960 shares) to 13.07% (48,40,960 shares). Sudeesh Yezhuvath, belonging to the promoter group, will have his stake increased from 0.37% (1,27,660 shares) to 1.51% (5,57,660 shares), it said.SHPL, where CMD and CEO Subash Menon 100% stake, is being allotted 18,00,000 warrants of the company. Chief operating officer Sudeesh Yezhuvath is being allotted 4,30,000 warrants. Each warrant is convertible into one equity share of the company, and has been priced at Rs 630.31 as per the pricing norms under the SEBI guidelines.Subex Azure swung to a loss for the quarter ended March 2007. During the quarter, the company reported a loss of Rs 2.49 crore as compared with a profit of Rs 8.40 crore in the corresponding quarter of the previous year.Sales for the quarter declined nearly 7% to Rs 45.98 crore compared with the corresponding quarter, a year ago. Total income climbed 35.57% to Rs 67.47 crore, with other income rising 5411% to Rs 21.49 crore compared with the quarter, a year ago.The company's stock was trading at Rs 620 at 1300 hrs, up 0.27% as against Friday's price of Rs 618.40
