22 Mar 2007 08:34
Subex Azure Limited22 March 2007 Subex Azure Limited372, Koramangala III Block, Sarjapur RoadBangalore 560 034, India Tel: +91 80 6659 8700Fax: +91 80 2563 4100 Email: subexazure@subexazure.com Home Page: www.subexazure.com NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN March 22,2007 Underwriting Agreement relating to the issue of sponsored global depositary receipts (GDRs) Subex Azure Limited ("Company") has entered today into an underwriting agreementwith UBS AG, as the sole global coordinator and bookrunner, RP&C InternationalLimited, as the co-manager, and certain existing shareholders ("SellingShareholders"), for the allotment of GDRs representing existing equity shares ofthe Company of Rs. 10 each, tendered by the Selling Shareholders pursuant to anIndian invitation to offer dated February 16, 2007 ("Invitation to Offer"). The Committee of the Board of Directors of the Company has approved issue of thefollowing GDRs. Global Depositary Receipts Number of GDRs to be issued 2,823,713 Nominal Value of each GDR US$12.76 Total Value of the issue US$36 million Market Professional Securities Market The Company will not receive any proceeds of this offering and the net proceedsafter the offering expenses will be distributed to the Selling Shareholders byApril 09, 2007 and the unsold shares tendered pursuant to the Invitation toOffer will be returned to the Selling Shareholders by on or before March 30,2007. For Subex Azure Limited Rajkumar CHead - Legal & Company Secretary The information contained herein is not for publication or distribution into theUnited States. The material set forth herein is for informational purposes onlyand is not intended, and should not be construed, as an offer of securities forsale into the United States or any other jurisdiction. The securities of theCompany described herein have not been and will not be registered under the USSecurities Act of 1933, as amended (the "Securities Act"), or the laws of anystate of the United States, and may not be offered or sold within the UnitedStates, except pursuant to an exemption from, or in a transaction not subjectto, the registration requirements of the Securities Act and applicable statelaws. There is no intention to conduct a public offering of securities in theUnited States. This announcement does not constitute or form part of any offer or anysolicitation to purchase nor shall it or the fact of its distribution, form thebasis of, or be relied on in any purchase. The securities must not be offered,sold or purchased except in circumstances that do not constitute a publicoffering. This announcement and any subsequent offer of securities may berestricted by law in certain jurisdictions and persons receiving thisannouncement or any subsequent offer should inform themselves about and observeany such restriction. Failure to comply with such restrictions may violatesecurities laws of any such jurisdiction. This information is provided by RNS The company news service from the London Stock Exchange