Subex ups authorised share capital to Rs 40 cr

At its extraordinary general meeting (EGM) held here, Subex Systems Limited has resolved to amend the memorandum of association of the company by increasing the authorised share capital from Rs 32.10 crore to Rs 40 crore.

According to information given to the Bombay Stock Exchange, the EGM also replaced the existing 'Articles of Association' of the company with a new set. This apart, the company, subject to the approval of other regulatory authorities, has issued over 12.13 million global depository receipts (GDRs) to the shareholders of Azure Solutions Limited.

This follows the company's acquisition of a 100 per cent stake in the UK-based Azure Solutions. The EGM also approved the change in the name of the company to Subex Azure Limited, subject to the approval of the regulatory authorities.

The EGM has also approved an increase in the remuneration and other benefits of Subash Menon, CMD, the company. This apart, Sudeesh Yezhuvath has been re-appointed as a whole-time director of the company.

The company has appointed Harry Berry as a non-retiring director of the company, while Andrew Garman has been appointed director of the company, is liable to retire by rotation.