Preferential Issue of equity shares

February 18, 2011

The London Stock Exchange

10 Paternoster SquareLondonEC4M 7LS

Dear Sir/Madam,

Sub: Allotment of 4,124,254 equity shares under preferential issue

Please be informed that the Board of Directors of the Company has issued 4,124,254 equity shares to M/s KBC Aldini Capital Mauritius Limited, at a price of Rs. 81/- per equity share. The preferential allotment was approved by the shareholders of the Company at their Extraordinary General Meeting held on February 9, 2011.

Consequent to the allotment, the paid-up share capital of the Company has increased from Rs. 651,857,710 to Rs.693,100,250.

We request you to take the aforesaid notification on record.

Thanking you

Yours truly,

For Subex Limited

Vinay M A

Assistant Company Secretary