Conversion of FCCBs

2 November, 2012

To

The London Stock Exchange

10 Paternoster Square

London

EC4M 7LSDear Sirs

Allotment of 737,882 equity shares upon conversion of FCCBs

Please be informed that the Board of Directors of the Company has issued 737,882 equity shares upon conversion of FCCBs of principal amount of US$ 300,000 by the holder(s) of Company's US$ 127.721 million 5.70% Convertible Secured Bonds. Post the conversion, FCCBs aggregating to US$ 91.10 million are outstanding under the said Bonds.

Consequently the paid up share capital of the Company has increased from Rs. 1,586,462,340 to Rs. 1,593,841,160.

We request you to take the aforesaid notification on record.

Yours faithfullyFor and on behalf ofFor Subex Limited

Vinay M A

Company Secretary & Compliance Officer