Morgan Stanley to take equity in Subex
About Subex (India) Ltd.
subexgroup.com
Our Bureau -BusinessLIne
BANGALORE, July 9
BANGALORE-BASED Subex Systems Ltd has offered an equity of Rs. 1.20 crores to Morgan Stanley Growth Fund out of its initial public offer of Rs. 7.28 crores. The foreign institutional investor will be given 1,60,000 shares of Rs. 10 each for a premium of Rs. 65 per share under the firm allotment quota out of the aggregate amount of over Rs. 7,28,25,000 being raised through the IPO.
The company has a paid-up capital of Rs. 2,24,82,000 which will go up to Rs. 6,31,15,000 after the current issue offering 9,71,000 equity shares.
The issue has been floated to fund the cost of opening a subsidiary office in the US and to strengthen its software development centre in Bangalore.
Speaking at a press conference here on Friday, Mr. Subash Menon, Managing Director, said Subex has created am Employees Stock Option (Trust) called the Subex Foundation to implement the ESOP. The company has already allotted 1,20,000 shares to the Trust for offer to eligible employees.
Subex Systems presently operates on focussed segments of test and measurement equipment providing solutions for all major telecom and datacom technologies including GSM, ISDN and frame relay ATM; cellular infrastructure solutions essentially dealing with coverage solutions for enhancement of signal enhancement and telecom software. |
