General Announcement::Outcome of Board Meeting held on April 28, 2015

Issuer & Securities

Issuer/ Manager
SUBEX LIMITED
Securities
SUBEX US$1.4M 5% CB170309 - XS0455343672 - 4AFB
SUBEX US$127.721M5.7% CB170707 - XS0799661698 - 2EUB
Stapled Security
No

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
28-Apr-2015 23:44:33
Status
New
Announcement Sub Title
Outcome of Board Meeting held on April 28, 2015
Announcement Reference
SG150428OTHR4VKA
Submitted By (Co./ Ind. Name)
Mr. Ganesh K V
Designation
Chief Financial Officer, Global Head - Legal and Company Secretary
Effective Date and Time of the event
28/04/2015 19:45:00
Description (Please provide a detailed description of the event in the box below)
Dear Sirs:

1) This is to inform you that the Company had made an application to the Reserve Bank of India ( RBI ) through Axis Bank (Authorized Dealers ) seeking a reset to the conversion price of the U.S.$127,721,000 5.70 per cent. secured convertible bonds due July 7, 2017 ( Bonds ) at the market price prevailing as on the date of passing of the resolution by the Board of Directors of the Company ( Board) to approve the aforesaid reset of the conversion price of the Bonds. The RBI has approved the request of the Company pursuant to their letter to Axis Bank bearing number FED.CO.ECBD.15675/03.02.764/2014-15 ( RBI Approval ), subject to certain approvals and conditions including from SEBI.

2) The RBI Approval and other relevant documents was tabled before the Board at its meeting held on April 28, 2015, and pursuant to the same, the Board has, inter alia, resolved that in the interests of transparency and good governance, the above be made public by intimation to the stock exchanges for further dissemination to the public at large. The Board would then deliberate upon and decide the further course of action, in due course including whether or not to approve the reset of the conversion price after obtaining requisite approvals.

This is for your information and records.

Attachments

Announcement.pdf
authorization I.pdf
authorization II.pdf
Total size =499K