Telecom data analytics company Subex has said a share placement, which is intended to raise Rs300-400 million (€4.8 – €6.4 million), has been delayed.
The company said that although delayed, the proposed preferential placement “will happen within the next few months”.
“The investment has got delayed due to certain procedural delays at the fund that is investing. Thus, the reason for the delay is unrelated to Subex. We will complete the process positively within a couple of months and expect to raise between Rs. 300 to 400 million”, said Subash Menon, CEO, Subex.
Subex announced in August that it would be issuing a maximum of 8 million shares at Rs80 to the investment arm of an un-named telecoms operator. If that price has remained constant, then it looks as if the placement will now be at just over half the maximum initial quantity – raising Rs300-400 million.
Subex markets its Revenue Operations Centre (ROC) and managed services model to provide data analysis into telco operations. Its revenues have grown 24% over the past five quarters – during which the company has won 14 managed services contracts and 7 deals for its ROC platform.
Subex shares on India’s National Stock Exchange are currently trading at around Rs62.