The Hindu Business Line : Subex Azure preferential issue

Subex Azure Ltd has announced a preferential issue of warrants to its promoters/promoter group. Shareholders of the company recently approved the preferential issue. As a result of the issue, the promoters, comprising Subex Holdings Pvt Ltd (SHPL) and Mr Subash Menon, will have their stake increased from 8.73 per cent (3,040,960 shares) to 13.07 per cent (4,840,960 shares). Mr Sudeesh Yezhuvath, belonging to the promoter group, will have his stake increased from 0.37 per cent (127,660 shares) to 1.51 per cent (557,660 shares).

SHPL, in which Mr Subash Menon (Founder Chairman, Managing Director and CEO of the Company) holds 100 per cent stake, is being allotted 1,800,000 warrants of the company. The Chief Operating Officer, Mr Sudeesh Yezhuvath, is being allotted 430,000 warrants. Each warrant is convertible into one equity share of the company, and has been priced at Rs 630.31 as per the pricing norms under the SEBI guidelines.

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