CHENNAI,
India, June 7, 2024 /PRNewswire/ -- Sify
Technologies Ltd. (Nasdaq: Sify) (the "Company"), a leading
integrated information communications technology (or ICT) Solutions
and Services provider in India,
today announced the commencement of its previously announced rights
offering.
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. One (1) ADS right will entitle the holder of such right
to subscribe for and purchase one new ADS at a price of
US$0.14 per ADS (the "ADS
Subscription Price"). 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. One (1) equity share right will entitle a holder of such
right 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 Company had previously announced by press release that
0.73 ADS rights or 0.73 equity share rights would entitle the
holder to one new ADS or equity share, as applicable. As described
above, the subscription ratio for the rights offering is now such
that one ADS right or equity share right will entitle
the holder to one new ADS or equity share, as applicable.
The rights offering will include an over-subscription right,
which will permit each rights holder that exercises its
subscription rights in full the option to purchase additional
equity shares or ADSs, as the case may be, that remain unsubscribed
at the expiration of the rights offering. The over-subscription
right is subject to the availability and allocation of equity
shares and ADSs among holders exercising their over-subscription
right.
The Company will disclose the final results of the rights
offering promptly following the determination of the
proration. If the rights offering is fully subscribed, the
Company expects to receive gross proceeds of approximately
US$30 million before expenses.
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
The description above includes only a summary of certain key
terms of the rights offering. The terms and conditions of the
rights offering are contained in a registration statement on Form
F-1 (File No. 333-278152) regarding the rights offering, which
became effective on May 22, 2024, and
the prospectus, dated June 3, 2024,
filed by the Company with the U.S. Securities and Exchange
Commission ("SEC").
Holders may obtain a copy of the prospectus free of charge on
the SEC website 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 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 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.
View original
content:https://www.prnewswire.com/news-releases/sify-technologies-ltd-announces-commencement-of-rights-offering-302167097.html
SOURCE Sify Technologies Ltd.
