REG - Subex Limited - Result of Meeting <Origin Href="QuoteRef">SUBX.NS</Origin> - Part 2
05/01/2016 13:14
- Part 2: For the preceding part double click ID:nRSC3976Ea
conversion price has been approved by the shareholders in the
annual general meeting held on June 19, 2015 and the bondholders
in their meeting held on August 5, 2015. The Board in its
meeting held on August 26, 2015 has approved August 26, 2015 as
the effective date of reset of conversion price of Rs. 13 per
share and that such conversion of all the FCCBs into equity
shares shall be undertaken no later than November 30, 2015.
As a result of the aforesaid reset of conversion price, the said
bonds with outstanding face value of US $ 59.93 Million as at
September 30, 2015 would potentially be converted into
258,411,245 equity shares at an exchange rate of Rs.56.05 with a
conversion price of Rs.13 per equity share.
(d) Interest on FCCBs for the quarter and six months ended
September 30, 2015 is net of reversal of interest accrued but
not due amounting to Rs. 1,715.49 Lakhs and Rs.2,897.55 Lakhs
respectively (Quarter and six months ended September 30,
2014: Rs. Nil and Rs.Nil respectively) in relation to FCCBs III
which has been written back as the same is considered no longer
payable due to the conversion of FCCBs III with a face
value of US$ 15.10 Million during the quarter ended September
30, 2015 and US$ 6.50 Million during the quarter ended June 30,
2015 and US$ 9.87 Million into equity shares of the Company
during the period September 2012 to March 31, 2015.
(e) The face value of FCCBs outstanding as on September 30, 2015
is asfollows:
Particulars US$Million Rs. inLakhs
FCCBsI 1.00 656
FCCBsII 1.40 918
FCCBsIII 59.93 39,307
Total 62.33 40,881
Of the outstanding FCCBs III of US$ 91.40 Million as of July
2012, US$ 31.47 Million have been converted till the quarter and
six months ended September 30, 2015.
Financial year/period FCCBs converted US$Million Conversionrate Conversionprice No. of equityshares
2012-13 3.25 Rs.56.0545 Rs.22.79 7,993,931
2014-15 6.62 Rs.56.0545 Rs.22.79 16,282,613
Quarter ended June 30,2015 6.50 Rs.56.0545 Rs.22.79 15,987,461
Quarter ended September 30,2015 15.10 Rs.56.0545 Rs.13.00 65,109,454
(f) With regard to conversion of 20,265,857 equity shares during the quarter and six months ended September 30, 2015 and 1,598,745 equity shares during the year ended March 31, 2015 as the conversion was recorded by the registrar on October 15, 2015 and April 10, 2015 respectively, it has not been included in part II ( Particulars of shareholding) above.
7,993,931
2014-15
6.62
Rs.56.0545
Rs.22.79
16,282,613
Quarter ended June 30,2015
6.50
Rs.56.0545
Rs.22.79
15,987,461
Quarter ended September 30,2015
15.10
Rs.56.0545
Rs.13.00
65,109,454
(f) With regard to conversion of 20,265,857 equity shares during the quarter
and six months ended September 30, 2015 and 1,598,745 equity shares during the
year ended March 31, 2015 as the conversion was recorded by the registrar on
October 15, 2015 and April 10, 2015 respectively, it has not been included in
part II ( Particulars of shareholding) above.
4 During the financial year ended March 31, 2015, the Company had assessed
the carrying value of goodwill arising from its investment in its
subsidiary viz. Subex Americas Inc., amounting to Rs.18,606 Lakhs. Based
on the management`s assessment, there was no impairment of such goodwill
taking into account the future operational plans and projected cash flows
5 as prepared by the management and accordingly, no impairment loss was
required to be recognised. The management continues to believe that,
6 based on its assessment, there is no impairment of such goodwill as at
September 30, 2015. This is an `Emphasis of Matter` in the Limited
7 Review Report of the Statutory Auditors on the Unaudited Consolidated
Results.
The Company has only single business segment with respect to software
8 products and related services and hence has not made any additional
segment disclosures. Details of Promoters and promoter group shareholding
are as per the reports furnished by the Registrar and Transfer Agents of
the Company.
Employeebenefitsexpenseandsub
-contractchargesforthequartersendedSeptember30,2015andSeptember30,2014isn
etof reversalof provisionnolongerrequired,inrespectof employee
incentives,amountingtoRs.384LakhsandRs.Nil,respectivelyandthatforthesixmo
nthsendedSeptember30,2015,September30,2014andtheyearendedMarch31,2015amou
ntingtoRs.453Lakhs,Rs.287 Lakhs and Rs. 1,191 Lakhs,respectively.
Pursuant to the approval of the Board of Directors, the Company has
9 discontinued the operations of two of its subsidiaries with effect from
April 01, 2013. The details of unaudited/audited results of the
discontinued business consolidated in the above results are as follows:
10
Particulars 3 monthsended September30, Preceeding 3months ended June30, Corresponding3 months ended September30, Year to date figures for the six months ended September30, Previous year ended March31,
2015 2015 2014 2015 2014 2015
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Totalincome - - - - - -
(Loss) /Profit beforetax (1.31) (0.90) 18.15 (2.21) (81.32) (474.18)
Profit/(Loss) aftertax 1.62 (0.91) 17.92 0.71 (81.59) (479.80)
The figures of the previous period up to March 31, 2015 were audited/ reviewed by a firm of Chartered Accountants other than S.R. Batliboi & Associates LLP. Previous period/year figures have been regrouped/ reclassified, wherever necessary to confirm to current period`s classification.
Pursuant to clause 41 of the Listing Agreement, the Company has opted to publish the consolidated financial results. The standalone financial results, however, are being made available to the Stock Exchanges where the securities of the Company are listed and are also being posted on the Company's website www.subex.com.
By Order of theBoard Mumbai SurjeetSingh Date: November02,2015 Managing Director &CEO For further details on the results, please visit our website: www.subex.com
(81.32)
(474.18)
Profit/(Loss) aftertax
1.62
(0.91)
17.92
0.71
(81.59)
(479.80)
The figures of the previous period up to March 31, 2015 were audited/ reviewed
by a firm of Chartered Accountants other than S.R. Batliboi & Associates LLP.
Previous period/year figures have been regrouped/ reclassified, wherever
necessary to confirm to current period`s classification.
Pursuant to clause 41 of the Listing Agreement, the Company has opted to
publish the consolidated financial results. The standalone financial results,
however, are being made available to the Stock Exchanges where the securities
of the Company are listed and are also being posted on the Company's website
www.subex.com.
By Order of theBoard
Mumbai
SurjeetSingh
Date: November02,2015
Managing
Director &CEO
For further details on the results, please visit our website:
www.subex.com
This information is provided by RNS
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