Subex announced that the company has allotted 2.45 million equity shares pursuant to the conversion of USD 1,000,000 out of company’s USD 127,721,000 (5.70%) secured convertible bonds due 2017 on June 24, 2014.

Post the conversion, FCCBs aggregating to USD 87.15 million are outstanding under the said bonds, the company said.

Shares of the company declined Rs 0.53, or 5%, to settle at Rs 10.08. The total volume of shares traded was 132,807 at the BSE (Tuesday).