CHENNAI,
India, June 28, 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 that its recent rights offering was
over-subscribed.
The subscription period for the equity share rights expired at
6:00 p.m. (Chennai, India time) on June 21, 2024. The subscription period for the
American Depositary Share ("ADS") rights expired at 2:15 p.m. New York Time on June 21, 2024. Subscription rights that were not
exercised prior to the end of the subscription period have expired.
Any excess subscription payments received which remain with the
Company or Citibank, N.A., acting as ADS Rights Agent, will be
returned to the applicable holders.
The Company expects to issue an aggregate of 190,268,698 equity
shares and 59,730,265 ADSs (each representing one equity share)
pursuant to the exercise of subscription rights during the rights
offering, raising gross proceeds of approximately $30 million
before any expenses of the rights offering. Following the issuance
of the new equity shares and ADSs, the Company will have
433,331,423 equity shares outstanding, including equity shares
represented by ADSs (and which includes the 13,262,908 ADSs to be
issued as part of the over-subscription right). The net proceeds of
the rights offering are expected to be used for expansion of the
business for developing Network Centric Services, Data Center
services, Digital Services and for general corporate purposes.
The 13,262,908 ADSs to be issued as part of the
over-subscription right were allocated on a pro-rata basis
among rights holders who exercised their over-subscription rights
based on the number of additional equity shares or ADSs each rights
holder subscribed for pursuant to its over-subscription right.
Delivery of the new equity shares subscribed for in the rights
offering is expected to be made on or about July 5, 2024. Delivery of the new ADSs subscribed
for in the rights offering is expected to be made on or about
July 9, 2024.
Other Important Information
A prospectus relating to the rights offering was filed with the
Securities and Exchange Commission on June
3, 2024 and is available on the website of the SEC
at www.sec.gov.
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.
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SOURCE Sify Technologies Ltd.
