Outcome of EGM

December 28, 2011

To

The London Stock Exchange

10 Paternoster SquareLondonEC4M 7LS

Sub: Outcome of the Extraordinary General Meeting of the Members of Subex Limited (the "Company") held on December 28, 2011

Dear Sirs,

We write to inform you that, in furtherance to the meeting of the Board of Directors held on November 25, 2011, and pursuant to the Extraordinary General Meeting of the members held on December 28, 2011, the members of the Company have authorized the Company:

i. To create, issue, offer and allot through a qualified institutional placement (QIP), preferential issue and/or other private placement of equity shares and/or equity shares through Global Depository Receipts (GDRs), American Depository Receipts (ADRs), Foreign Currency Convertible Bonds (FCCBs) and/or any securities convertible into equity shares at the option of the company and/or holder(s) of the securities provided however that the total amount thereby raised does not exceed US$ 135 Million (One Hundred and Thirty Five million United States dollars only) or its equivalent, inter alia for the repayment of its debts;

ii. To increase the authorized share capital of the Company from Rs.130,00,00,000 (Rupees One Hundred and Thirty Crores only) to Rs.247,00,00,000 (Rupees Two Hundred and Forty Seven Crores only) in accordance with Section 94(1)(a) of the Companies Act, 1956 and other applicable provisions;

iii. To increase the borrowing powers of the directors in accordance with the provisions of Section 293(1)(d) and other applicable provisions, if any, of the Companies Act, 1956 as may be deemed appropriate by the Board of Directors to an aggregate amount not exceeding Rs.1500,00,00,000 (Rupees One Thousand and Five Hundred Crores Only) for the aforesaid matters;

We request you to take the aforesaid notification on record.

Thanking you,

Yours truly,

For Subex Limited

Ramanathan J

Vice President-Finance & Company Secretary