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Subex surges over 7% as board considers raising of funds

The scrip was trading 7.23% up at Rs 11.72 around 11 am (IST).

ETMarkets.com|
Updated: Mar 22, 2017, 11.33 AM IST
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On the BSE, 20.57 lakh shares were traded on the counter so far as against the average daily volumes of 11.87 lakh shares in the past two weeks.
On the BSE, 20.57 lakh shares were traded on the counter so far as against the average daily volumes of 11.87 lakh shares in the past two weeks.
NEW DELHI: Shares of Subex climbed over 7 per cent intraday on Wednesday after the company said its board will meet on Friday, March 24, 2017, to consider the raising of funds on preferential basis. The announcement was made after market hours on Tuesday.

The scrip was trading 7.23 per cent up at Rs 11.72 around 11 am (IST). Shares of the company opened at Rs 11.25 and touched a high and low of Rs 11.78 and Rs 11.20, respectively, in trade so far. Benchmark BSE Sensex was down 253.43 points, or 0.86 per cent, at 29,232.

High volumes were witnessed on the counter. On the BSE, 20.57 lakh shares were traded on the counter so far as against the average daily volumes of 11.87 lakh shares in the past two weeks.

In a BSE filing the company said, “The meeting of the board of directors of the company will be held on Friday at Bangalore, inter alia, to consider and approve the raising of funds by way of issue of equity shares on preferential basis for the company.”

Shares of the company had hit their fresh 52-week high of Rs 14.24 on July 11, 2016 and 52-week low of Rs 8.25 on November 21, 2016.

The company is a leading global provider of business and operations support systems (B/OSS) that empowers communications service providers (CSPs) to achieve competitive advantage through business and capex optimisation – thereby enabling them to improve their operational efficiency to deliver enhanced service experiences to subscribers.
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