Subex Azure, the Rs 250 crore (Rs 2.5 billion) software developer and vendor of revenue maximisation solutions for telecom operators, plans to raise up to $200 million through global depository receipts and/or foreign currency convertible bonds or a combination of both.

Subex said it proposed to list these GDRs/FCCBs on a European exchange.

The company is working on these routes, along with the sponsored GDR issue of up to 9 million shares that will yield around $100 million to the shareholders.

Subex said the proceeds from the issues were likely to be utilised to fund its growth plans, which include entry into new segments in the OSS (operations support software) space.

The company, early this financial year, went in for a $140 million merger with UK-based Azure Systems.