Conversion of FCCBs

February 11, 2010

The London Stock Exchange

10 Paternoster Square London EC4M 7LS

Dear Sir

Sub: Allotment of 1,289,571 equity shares upon conversion of FCCBs

Please be informed that the Allotment Committee of the Board of Directors of the Company has issued 1,289,571 equity shares upon conversion of FCCBs of principal amount of US$ 2.15 million by the holders of Company's US$ 98.7 million 5% Coupon Convertible Unsecured Foreign Currency Convertible Bonds. Post the conversion, FCCBs aggregating to US$ 75.3 million are outstanding.

Consequently the paid up share capital of the Company has increased from Rs. 475,952,630 to Rs. 488,848,340.

We request you to take the aforesaid notification on record.

Thanking you

Yours truly,

For Subex Limited

Raj Kumar

Chief Counsel & Company Secretary