BANGALORE, May 2: Subex Ltd, a leading global business support systems provider, today said the Reserve Bank has approved the restructuring proposal of its outstanding foreign currency convertible bonds (FCCBs) involving a combination of debt and equity.
It will shortly launch a cashless exchange offer, wherein the current FCCBs will be exchanged for new FCCBs with a maturity period of five years and fresh equity, the company said in a statement.
“This restructuring proposal has been formulated with the active support of our existing bond holders whom we have been closely working with.
“We are confident that with their continued support, we will be able to complete the restructuring in the next 45-60 days,” Subash Menon, Subex’ founder, Chairman, MD & CEO, said.
He said with the RBI approval, the company can reach a final and conclusive solution to the FCCB issue and all concerns about the financial stability of the company will be put to rest.
“We are confident of better times ahead and will continue to work hard to sustain our market leadership in BSS (business support systems),” he said. (PTI)
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