Subex Ltd, a provider of operations and business support systems in the telecom space, has announced that the investment arm of telecom firm Rayed Holding & Finance SA will invest up to Rs 64 crore in the Bangalore-based company.
The board of Subex Ltd has approved a preferential allotment of up to 8 million equity shares for a price of Rs 80 per share. The shares will be issued after obtaining necessary approval from the shareholders during the AGM on 13th September. The exact quantum will be decided later, stated a release. At noon today, shares of Subex Ltd were trading at Rs 58, up by 4.13% on the BSE, after touching a monthly high of Rs 61.
Subash Menon, Founder Chairman, Managing Director and CEO, Subex Ltd said, “This investment from an entity that understands the telecom software sector well vindicates our stand on the bright future of the company. They were particularly impressed with our positioning and strategy around Revenue Operations Centre (ROC) and Managed Services. The fact that they are investing at a price that is significantly higher than the current market price establishes their confidence in the company.”