26th Mar 2007 15:46
Subex Azure Limited26 March 2007 Subex Azure Limited March 26, 2007 Sub: Announcement on Closing of Sponsored Secondary GDR Program We wish to inform you that Subex Azure Limited had sponsored a secondaryoffering of Global Depository Receipts (GDRs) i.e. a Sponsored Secondary GDRProgram pursuant to Notifications issued by the Government of India and theReserve Bank of India (RBI). The Invitation to Offer dated February 16, 2006 wasfor a maximum size of 9,000,000 equity shares representing 9,000,000 GlobalDepository Receipts. 84 applications comprising of 3,125,199 equity shares were received during theOffer Opening Period (February 19, 2007 to February 23, 2007). 8 applicationscomprising of 9,082 equity shares were rejected for being invalid and thebalance 76 applications were accepted. 292,404 equity shares are being returnedto the shareholders, on or before March 30, 2007, being shares transferred tothe escrow account in excess of shares mentioned in the application form. Theallocation was made in the proportion of each selling shareholders' shareholdingin the respective depositary participant account to the aggregate shareholdingof all the selling shareholders who had made valid offers. The allocation is asper the "Guidelines for ADR/GDR issues by the Indian Companies - Disinvestmentof shares by the Indian companies in the overseas market through issue ofADRs/GDRs", issued by the RBI on November 25, 2002. On March 26, 2007, 2,823,713 GDRs representing 2,823,713 equity shares were soldin the Sponsored Secondary GDR Offering at a price of US $ 12.76 for each GDR.The gross proceeds from the sale of the 2,823,713 GDRs representing 2,823,713equity shares, aggregates to over US $ 36.03 million. Standard Chartered Bank, the Escrow Agent, has initiated action to credit theunallocated shares to the demat accounts of the selling shareholders which isexpected to be completed on or before March 30, 2007. Letters advising the sameare being dispatched by Canbank Computer Services Limited, the Registrar. Thenet proceeds after appropriating all expenses will be distributed, as per theinstructions of the selling shareholders, on or before April 9, 2007, i.e.,within 30 days from the date of pricing of the GDR Offering on March 26, 2007. The following tables set out the details of the acceptance by category ofshareholders and by number of shares offered: Category of shareholders % of shares Category No. of valid Shares Existing accepted to applications* tendered shareholding on Shares existing Feb 14, 2007 accepted** share holding** Corporate Body 6 2,829 8,822 1,926 22% Foreign Institutional Investor 14 2,081,849 4,034,683 1,802,455 45% Non-Resident Individual 1 3,000 3,000 1,657 55% Promoter 1 1,000,000 2,519,760 1,000,000 40% Resident Individual 54 28,439 32,294 17,675 55% * Each application represents participation of a shareholder from one depository participant account. ** Represents aggregate of category. Individual allocation will correspond to individual shareholding. By number of shares offered % of % of sharesNo. of shares No. of valid applications Shares Existing holding Shares accepted tendered applications* tendered tendered accepted** to shares tendered 1 to 100 39 51% 1,979 5,994 1,528 77%101 to 1000 15 20% 4,820 8,153 3,176 66%1001 to 10000 11 14% 47,669 151,894 36,665 77%10001 to 100000 7 9% 244,824 1,067,613 219,885 90% > 100000 4 5% 2,816,825 5,364,905 2,562,459 91% * Each application represents participation of a shareholder from one depository participant account.** Represents aggregate of category. Individual allocation will correspond to individual shareholding. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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