CHENNAI,
India, May 21, 2024 /PRNewswire/ -- Sify
Technologies Ltd. (Nasdaq: Sify) (the "Company") is a leading
integrated information communications technology (or ICT) Solutions
and Services provider in India.
The Company's infrastructure comprises state-of-the-art Data
Centers, the largest MPLS network, partnership with global
technology majors, and deep expertise in business transformation
solutions modelled on the cloud.
The Company today announced its record date and expected
subscription period for its previously-announced rights offering to
issue up to 250,000,000 new equity shares, including equity shares
represented by American Depositary Shares ("ADSs").
In the rights offering, the Company will distribute, at no
charge, (1) to the holders of its equity shares, transferable
rights to subscribe for new equity shares and, (2) through
Citibank, N.A., the depositary for the ADSs (the "Depositary"), to
holders of ADSs, transferable rights to subscribe for new equity
shares in the form of ADSs. Holders of ADSs will receive 1.36364
ADS rights for each ADS owned of record at 5:00 p.m. (New York
City time) on May 31, 2024,
which is the ADS record date. 0.73 ADS rights will entitle the
holder of such rights to subscribe for and purchase one new ADS at
a price of $0.14 per ADS. The ADS
Subscription Price includes the Depositary fee of US$0.02 per new ADS subscribed in the rights
offering. Holders of equity shares will receive 1.36364 equity
share rights for each equity share owned of record at 6:00 p.m. (Chennai,
India time) on May 31, 2024,
which is the equity share record date. 0.73 equity share rights
will entitle a holder of such rights to subscribe for and purchase
one new equity share, at a subscription price of Rs. 10 per new
equity share, which is the Indian Rupee equivalent of the U.S.
dollar price per new ADS, translated based on the exchange rate in
effect as of March 31, 2024, minus
the Depositary fee.
The subscription period for the rights offering is expected to
commence on June 7, 2024, and to
terminate on June 21, 2024. The
Company will disclose the final results of the rights offering
following the expiration date.
The net proceeds of the Rights Offering are expected to be
utilized for expansion of the business in developing Network
centric services, Data Center services and Digital Services and for
general corporate purposes.
Other Important Information
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission but has not yet
become effective. These securities may not be sold nor may offers
to buy be accepted prior to the time the registration statement
becomes effective. The proposed rights offering will be made
pursuant to such registration statement and a prospectus to be
filed with the Securities and Exchange Commission prior to the
commencement of the proposed rights offering. A copy of the
prospectus forming a part of the Registration Statement, when
available, may be obtained free of charge at the website maintained
by the Securities and Exchange Commission at www.sec.gov or by
contacting D.F. King & Co., Inc, the Company's information
agent for the Rights Offering, located at 48 Wall Street, 22nd
Floor, New York, New York 10005 by
email at sify@dfking.com.
The information herein, including the expected terms of the
proposed rights offering, is not complete and is subject to change.
The Company reserves the right to cancel or terminate the planned
rights offering at any time. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of these securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such jurisdiction.
Safe Harbor Statement
This release contains certain "forward-looking statements"
relating to the Company and its business. These forward-looking
statements are often identified by the use of forward-looking
terminology such as "expects", "intends", "will", or similar
expressions. Such forward looking statements involve known and
unknown risks and uncertainties that may cause actual results to be
materially different from those described herein as expected,
intended or planned. Investors should not place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. The Company's actual results could differ
materially from those anticipated in these forward-looking
statements as a result of a variety of factors, including those
discussed in the Company's reports that are filed with the
Securities and Exchange Commission and available on its website
(www.sec.gov). All forward-looking statements attributable to the
Company or to persons acting on its behalf are expressly qualified
in their entirety by these factors other than as required under the
securities laws. The Company does not assume a duty to update these
forward-looking statements.
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SOURCE Sify Technologies Ltd.