Subex locked at 10% upper circuit on revival hopes

Telecom products firm Subex is locked at 10 percent upper circuit on Monday after two of its independent directors said they see revival in the company by June 2013.

According to reports, the two independent directors (shareholder activist Anil Singhvi and former Idea Cellular boss Sanjeev Aga), along with a recently inducted chief executive, want to resurrect telecom products firm Subex from what appeared to be an imminent collapse last year.

"The company is looking to stabilize quarterly revenues at around $18-20 million with about 25 percent operating profit by then, more or less where it was before troubles set in," the media reports quoting Singhvi said.

Subex restructured FCCBs worth USD 127.721 million in February. The board of directors of the company issued 47,96,238 equity shares upon conversion of FCCBs of principal amount of USD 19,50,000 by the holder(s) of company’s USD 127.721 million 5.70 percent convertible secured bonds. Post the conversion, FCCBs aggregating to USD 88.65 million are outstanding under the said Bonds.

At 14:39 hours IST, shares were quoting at Rs 11.82 on Bombay Stock Exchange.
 
There were pending buy orders of 208,948 shares, with no sellers available.