Subex Azure has completed the sponsored GDR programme of $36 million. According to a release issued by Subex to the BSE today, the company has entered into a supplemental underwriting agreement with UBS AG as the sole global co-ordinator and book-runner and RP&C International as the co-manager for the allotment of GDRs. Each GDR has been priced at $12.76, and will be listed on the professional securities market of the London Stock Exchange. "The company, which will be issuing 28,23,713 GDRs, will not receive any proceeds of the offering. The net proceeds after the offering expenses will be distributed to the selling shareholders by April 9, 2007. The unsold shares will be returned to the selling shareholders on or before March 30, 2007," the release added. |