IT firm Subex Ltd today said it will raise Rs 48 crore by issuing securities to promoter of the company, Subhash Menon on preferential basis, and the proceeds will be used to repay loans.
The shares are being placed exclusively with the promoter group at the rate of Rs 80 per piece. A maximum of 60 lakh shares would be issued as part of this placement, Subex Ltd said in a release.
"The primary objective of this preferential placement is to increase my stake in the company," Subex Ltd Chairman, Managing Director & CEO Subhash Menon said.
The proceeds of the issue will mainly be utilised by the company to reduce some of the liabilities like bank loans.
The proposal is subject to shareholders approval, it added.
