Final goodbye

Subex Systems used to be an investor darling during the last Nasdaq tech boom but like many midcap IT companies, it fell out of favour. What distinguished founder Subash Menon from the rest of the pack was his aggressive acquisition streak. After resigning from Subex in September 2012 under pressure from a new board of directors, Menon is now looking to exit Subex altogether as can be seen from his recent selling bout on the bourses.

Menon seems to be recouping what he can as Subex’s stock price has doubled to ₹8.6 from its low of ₹4.4 in August 2013. Kivar Holdings, a waste and water-management start-up helmed by Menon, has sold 150,000 shares worth ₹1.3 crore in four tranches in the first week of October taking its holding down to 0.31% from the 1.2% as disclosed in Subex’s September 30 filing. Meanwhile, Menon’s personal holding has remained constant at 1.55%.