Subex Limited has dipped 10% to Rs 30.15, erasing half of its yesterday’s gain, on denial of issue of preferential shares at Rs 98 per share.
“The said news report – Subex to issue preferential shares at Rs 98 – is factually incorrect and false in nature,” the IT software services provider said in a filing to the stock exchanges.
“This news has been wrongly interpreted from the Company's communication to the stock exchanges forwarding the minutes of the Extraordinary General Meeting of the Members of the Company held on December 28, 2011 approving the fund raising of up to $135 million,” it added.
A combined 200,000 shares have changed hands on the counter in morning deals on both the exchanges.
