Subex said it has completed the FCCB exchange offer post approval from about 97% of the bond holders in value.
The company has issued new secured bonds worth $127.721 million with a maturity period due July 2017 and a conversion price of 22.79 rupees (41 cents) per share.
The bonds also carry an interest rate of 5.7%, of which bonds worth $36.321 million will be mandatorily converted into equity shares at the same conversion price
Subex’s founder and promoter, Subash Menon, has stepped down as chairman to enable the company to be in compliance with the listing agreements and will continue to spearhead the company as managing director and CEO.