Subex Systems to go for Rs 200m rights issue
By Pradeep Rane | 22 May 2002
The board of directors of the company, at its meeting held today, has decided to make the rights issue of the equity shares to the existing shareholders of the company up to a size not exceeding Rs 200 million. An emergency general meeting (EGM) of the shareholders will soon be held to take necessary approvals.
SSL has informed that it has decided to allot 2,13,770 equity shares of Rs 10 each at a premium of Rs 90 per share on a preferential basis to Toronto Dominion Bank. The company board has approved the decision; a special resolution was passed by the shareholders at the EGM in this regard.
The company recently wrote off the value of intangible assets to the extent of Rs 158.957 million acquired by the it in the form of intellectual property rights from Magardi Inc, Canada, against the share premium account.
SSL had posted a net profit of Rs 15.21million for the quarter ended 31 March 2002 as compared to Rs 32.01 million for the quarter ended 31 March 2001. The total income for the quarter ended 31 March 2002 is at Rs 144.04 million as compared to Rs 151.27 million in the corresponding period last fiscal. The net profit for the year ended 31 March 2002 stood at Rs 60.02 million as compared to Rs 102.77 million in the corresponding period last fiscal. The total income for the year ended 31 March 2002 is at Rs 584.27 million as compared to Rs 557.89 million in the corresponding period last fiscal. The company has granted 97,950 employees stock option plan to eligible employees during the year.