Subex board approves $98 mn convertible unsecured bonds

Bangalore-based Subex has announced that its committee of the board has, at its meeting held on November 2, 2009, approved the issuance of $98.7 million convertible unsecured bonds at a coupon rate of 5 percent.

The initial conversion price of the bonds is Rs. 80.31 and the bonds mature on March 9, 2012. The bonds are to be listed on the Singapore Exchange Securities Trading, said a release from the company to the BSE.

At 1100 hrs on Tuesday, the company's stock was trading at Rs 71.8 up by 1.13 per cent.