Subex Systems Ltd, the Bangalore-based software product to customer-due- diligence and certain assets and liabilities relating to this product. Its segments include Software Products and Software Services. It provides .. The users are strongly advised to exercise due diligence while. Subex Systems, the global telecom software product company, has announced its agreement to acquire, subject to customer due diligence.
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Today, India and Subex face a different reality altogether. Dubex fear about the fate of the euro zone is the latest factor to have hit confidence in India, undermining the currency.
But investors have raised a number of India-specific red flags to explain why the rupee is the biggest losing currency this year in Asia among those monitored daily by Reuters, including a swelling current account, heavy government spending particularly on subsidies such dilignece oil, a rash of unpredictable regulations and tax and a coalition that is struggling to push through any reforms to bolster an economy now growing at just above 6 percent.
The slide in the stock market meant the conversion prices for many of the convertible bonds was much higher than the market price of the issuer. The dollars to pay off investors are also much more expensive.
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The dilogence has dropped some 30 percent from its record high to its record low. Fitch Ratings predicted in a report in February that about half of the 55 companies with maturing foreign currency convertible bonds FCCBs in were at risk of some type of restructuring or default. A cut in the rating dus raise borrowing costs across the board, adding to the premium lenders would demand from companies such as Subex in return for their capital.
Subex is a typical example of the problems many Indian companies face, said analysts, bondholders and executives of companies with overseas holdings. Started as a prodcts of software products and services to global telecom companies, it faced a promising future in More recently, it has suffered from cutthroat competition and sluggish spending on technology in the wake of the global financial crisis.
Conversion, which seemed a reasonable prospect when the bonds were sold, is out of the question. After some changes, the conversion price for the tranche was set at Subex stock closed on Friday at T he aubex is trying to convince investors to accept new 5-year notes in exchange for the existing ones.
Subex did not respond to requests for comment. The conversion price of NS either have a combination of enough cash and assets on their balance sheets prkducts access to domestic funding from bankers to avoid major problems.
For many executives the turn of fortune for India in the past few years has been a hard lesson.
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Smaller and medium-sized Indian firms now face a much tougher lending landscape. It has to repay as the conversion price is five times the current market price. All the lenders are very selectively giving refinance facilities Analysts say top quality Indian companies will still be able to raise funds from international investors. But smaller and medium sized companies that in previous years banked on productz non-stop rising share prices, now face being shut out of markets, especially since many lenders are under pressure from regulators to boost capital ratios and lower productz risks.
Rupee slump costly for $5.5 bln in convertible bonds
NS and Rolta India among others. Sumeet ChatterjeeRafael Nam. A shopkeeper poses for a picture as he counts rupee notes at his shop in Jammu May 16, Editing by Neil Fullick. The Thomson Reuters Trust Principles.