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.
