Subex to raise $180 mn via LSE debut

Subex Azure, a vendor of revenue maximisation solutions for telecom
operators, today announced it has successfully launched and priced an offering of $180 million (around Rs 800 crore) foreign currency convertible bonds (FCCBs). The shareholders of the company had approved the fund raising plans in their meeting held on January 29, 2007.

UBS has acted as the sole book runner for the FCCB issue. The company will utilise part of the proceeds to fund its proposed acquisition of Syndesis Limited which it announced on January 18, 2007.

The consideration for the proposed acquisition is $165.4 million. Syndesis Limited is a global provider of telecom OSS (Operational Support Software) solutions.

Speaking on the occasion, Subex Azure's Founder Chairman, MD & CEO, Subash Menon, said, "This capital raising exercise of the convertible bonds, to be listed at the London Stock Exchange, represents an important milestone for Subex Azure. We are delighted that international institutional investors continue to support our business strategy and its capital raising plans."