Bangalore-based telecom services provider, Subex Technologies has obtained the approval of its Board to issue unsecured convertible bonds amounting to $98.7 million (Rs. 474 Crores) at a conversion price of Rs. 80.31 ($ 1.67). The offering of the Bonds is being undertaken as a part of the restructuring of FCCBs earlier issued by the company in 2007. Subex had borrowed in 2007 when the economy was booming and its share prices were trading high. The telecom software firm raised Rs. 864 crore ($180 million) via FCCBs in March 2007 to fund its acquisition of Canadian firm Syndesis. The convertible bonds, which have been listed on the Singapore Exchange, will mature in 2012. The conversion price that was set in 2007 was Rs 656 ($13.6) a share. But as of today (November 4), the stock is at Rs 67.40 ($1.4) on the BSE.

Capital Markets Partner Shameek Chaudhuri of AZB, Mumbai led the team, which acted as the domestic legal advisors to Barclays Capital, the sole Deal Managers to the issue. Clifford Chance's Hong Kong offices are acting as the international legal advisors to Barclays Capital, while Amarchand Mangaldas is the counsel for the Company.

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