Subex gets board approval to raise up to Rs 675 cr

Bangalore-headquartered Subex Ltd, a leading global provider of business support systems for communications service providers, today said it has obtained board approval to raise up to $135 million or Rs 675 crore.

The company has two tranches of foreign currency convertible bonds with a total redemption value of $131 million that it needs to redeem in March and the current fund raising exercise is intended to meet that obligation.

Subex Founder Chairman, Managing Director and CEO Subash Menon said, "We intend to raise the required amount through debt or equity or a combination of the two."

"We are clearly committed toward our customers and investors and are confident of the future of the business, seeing the increasing traction for the company's industry leading ROC and managed services offering," he said.