Subex consolidates listing on LSE

Subex Azure, a global vendor of revenue management software for telecom companies, today began unconditional trading of its Global Depository Receipts (GDR) on the London Stock Exchange's Professional Securities Market (PSM).

According to a statement from London Stock Exchange, the GDRs have been delisted from the Luxembourg Stock Exchange.

Subex has also completed a $150 million sponsored GDR issue wherein existing shareholders of the company tendered their securities to overseas institutional investors. The sponsored issue has enabled Subex to migrate its GDR programme from Luxembourg to London and also create sufficient liquidity for trading on London's International Order Book.

Bangalore headquartered Subex Azure joins 12 other Indian companies listed on the Professional Securities Market (PSM), a London Stock Exchange market created for overseas companies whose securities are only distributed to professional or institutional investors. In 2006, Indian companies raised a total of $2.86 billion on the London Stock Exchange's markets, more than any other exchange outside of India.

This move by Subex to go in for a sponsored GDR issue follows, Subex's conclusion of a Foreign Currency Convertible Bond (FCCB) issue to raise $180 million on LSE. These convertible bonds were also admitted to the London Stock Exchange on Friday. The company has stated that the proceeds from the FCCB offer will be used to part-finance its proposed $165 million acquisition of Syndesis, the Toronto based developer of telecom operations support software.