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Sify Technologies Limited (symbol: SIFY) is a premier provider of integrated Information and Communication Technology (ICT) solutions in India. Established as the largest service provider, systems integrator, and all-in-one network solutions company on the Indian subcontinent, Sify has expanded its footprint to the United States, with headquarters in California’s Silicon Valley. Serving over 8500 businesses, Sify is at the forefront of addressing the evolving technology needs of large, mid-sized, and small enterprises moving towards digitization.
Sify operates India’s largest MPLS network and manages 15 state-of-the-art data centers. The company collaborates with top-tier global network operators, delivering comprehensive global network solutions. Its extensive service portfolio includes telecom, data center, cloud, colocation, network and data security, consulting, and end-to-end application solutions. Sify’s partnerships with leading software and network companies worldwide enable it to offer robust and integrated solutions that meet diverse business needs.
The company’s operations are segmented into three main areas: Network Connectivity Services, Data Center Services, and Digital Services. Network Connectivity Services cover domestic and international data services, along with wholesale voice services. Data Center Services encompass colocation services, cross connects, and supporting managed services. Digital Services include cloud and managed services, network managed services, applications integration services, and technology integration services. Notably, Network Connectivity services account for the bulk of the company’s revenue.
Recent achievements include a series of strategic initiatives and developments. Sify recently announced a Rights Offering, expected to substantially contribute to the expansion of its network-centric services, data center services, and digital services. Participation in this offering provides shareholders with an oversubscription option, allowing them to purchase additional shares or ADSs, subject to availability.
The company hosts regular conference calls to discuss financial results and strategic developments. For instance, key executives such as Mr. Raju Vegesna (Chairman of the Board), Mr. M P Vijay Kumar (Executive Director & Group CFO), and Mr. Kamal Nath (CEO) frequently engage with stakeholders through these calls. The latest earnings report highlighted revenues of INR 35,634 million, an EBITDA of INR 6,756 million, and a significant profit progression.
In addition to its robust financial performance, Sify has been actively engaging in new contracts and customer engagements across its core services segments, substantially boosting its growth trajectory. The company’s infrastructure and deep expertise in business transformation solutions, modeled on the cloud, fortify its leading position in the ICT sector in India and beyond.
Sify Technologies , a leading ICT solutions and services provider in India, has announced its intent to voluntarily delist its ADS Rights from NASDAQ. The company has notified NASDAQ of this decision in line with its previously announced rights offering disclosed on June 3, 2024. The ADS Rights will trade under the symbol SIFYR from June 7, 2024, until June 18, 2024. They will be delisted after 4:00 p.m. on June 18, 2024, and will expire on June 21, 2024. Holders of ADS Rights can sell them directly or through Citibank, N.A., the ADS Rights Agent, before the delisting date. No arrangements for listing on another exchange will be made. The company plans to file a Form 25 with the SEC and NASDAQ regarding this voluntary delisting.
Sify Technologies (Nasdaq: SIFY) has initiated its previously announced rights offering. Equity shareholders will receive transferable rights to subscribe for new equity shares, while ADS holders will get rights to subscribe for new ADSs. Each ADS right allows the purchase of one new ADS at $0.14, including a $0.02 depositary fee. Equity share rights allow purchases at Rs. 10 per share. The offering includes an over-subscription right, allowing holders to buy additional shares if available. If fully subscribed, Sify expects to raise approximately $30 million before expenses. Funds will be used for expanding network services, data centers, digital services, and general corporate purposes. Details are available in the registration statement on the SEC's website.
Sify Technologies (Nasdaq: Sify) announced key dates for its upcoming rights offering. The company plans to issue up to 250,000,000 new equity shares and ADSs. Shareholders and ADS holders will receive transferable subscription rights at no charge, allowing them to purchase new shares or ADSs at set prices.
The record date for equity shares and ADSs is May 31, 2024. Holders of ADSs will receive 1.36364 ADS rights per ADS, allowing them to buy new ADSs at $0.14 each. Equity shareholders will also receive 1.36364 rights per share to buy new shares at Rs. 10 each.
The subscription period runs from June 7, 2024, to June 21, 2024. Net proceeds will fund business expansion in Network centric services, Data Center services, and Digital Services, along with general corporate purposes.
The offering is contingent on SEC registration becoming effective, and Sify reserves the right to modify or cancel the offering.
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