Chennai, Apr 14 (ANI/Business Wire India): Sify Technologies limited announced today that effective March 24th, 2008, it has entered into a subscription agreement with Infinity Satcom Universal Private limited, an Indian entity, to sell 12,817,000 Indian equity shares of the company to it at a per share purchase price of 4.46 dollars per share. The aggregate proceeds from this sale to fund the company's growth and development is 57, 163, 820 dollars.
The Share Purchase by Infinity Satcom Universal Private Limited was approved by the Company's shareholders at the extraordinary general meeting on March 17, 2008.
The purchasing company is an entity controlled by Ananda Raju Vegesna, an Executive Director of Sify Technologies limited, and brother of Raju Vegesna, the company's Managing Director and CEO.
The shares are being sold to the purchaser pursuant to regulation S under the securities Act of 1933, as amended. The Company sold the shares to the purchaser in an offshore transaction, and no selling efforts were made in the United States.
The shares issued in the unregistered sale will not be registered under the securities Act, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the securities Act.
Consequently, the purchased shares will not be registered in the United States and will not be traded in the United States as American depositary shares.