Intel would raise its stake in Subex Systems from the current 5.7 percent to 10 percent through conversion of 4.79 lakh preference shares held by company in the ratio of 1:1. The board of Subex would meet on September 13 in this regard.
Intel currently holds 5.67 percent in Subex. The conversion is expected to go smoothly as it was the part of the initial offer, when Intel picked up its preference shares one-and-a-half years ago.
It may be recalled that there was an 18-month period, within which Intel had the option to convert the preference shares to
regular equity shares. The pricing of the conversion is fixed at Rs 98.
Subex had made two major acquisitions in fraud management systems segments from Alcatel and Lightbridge. Also, In July, its board approved raising the foreign institutional investors' investment limit up to 74 percent of the company's paid-up equity capital.
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