Subex – Cancellation of Warrants Issued to Promoters

Subex Ltd has announced that the Shareholders of the Company had vide their resolution passed in the Extra-ordinary General Meeting held on June 04, 2007 approved the issue and allotment of upto 2,230,000 warrants to Promoters / Promoter Group. Pursuant to this resolution the Company had issued 2,230,000 warrants to Promoters / Promoter Group on June 18, 2007 at a purchase price of Rs 630.31/- per share.

The warrants were to be exercised on or before December 18, 2008. However, the Company has received letters from the warrant holders stating that they do not wish to apply for shares upon exercise of the warrants. As such the Company has cancelled the outstanding warrants and forfeited the amount received upfront from the warrant holders.

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