Subex gets RBI nod for FCCB restructuring

Telecom software solutions provider Subex has got the Reserve Bank of India (RBI) approval for restructuring of its outstanding Foreign Currency Convertible Bonds (FCCBs), involving a combination of debt and equity. In February, the Bangalore-based company had approached the RBI for extension of the maturity dates of its FCCBs from March 9, 2012 to July 9, 2012. The company had informed it was in talks with the bondholders to restructure the bonds. Subex, considered as one of the handful of successful software product companies in India, has been facing the FCCB pressure on its books for the past many quarters.