Sify Technologies Limited - SIFY STOCK NEWS

Sify Technologies (NASDAQ: SIFY) announced the appointment of Dr. Ajay Kumar as a new Director on its Board. Dr. Kumar, an Indian Administrative Service officer from the 1985 batch, brings a wealth of experience in technology and policy. His previous roles include Defence Secretary for the Government of India and leadership positions in Digital India initiatives like Aadhaar and UPI. Dr. Kumar holds advanced degrees from the University of Minnesota and has served as a Distinguished Visiting Professor at IIT Kanpur. His appointment coincides with the departure of three long-serving directors: Dr. T H Chowdary, Mr. C B Mouli, and Mr. C E S Azariah.

Chairman Raju Vegesna expressed confidence in Dr. Kumar's ability to enhance Sify's business strategy and corporate governance. Dr. Kumar also expressed his enthusiasm for joining Sify, highlighting the company's strong reputation and converged ecosystem of Networks, Data Centers, and Digital tools.

Sify Technologies (Nasdaq: SIFY), a key player in India's ICT sector, announced the over-subscription of its recent rights offering. The subscription period concluded on June 21, 2024. The company anticipates issuing 190,268,698 equity shares and 59,730,265 ADSs, raising gross proceeds of approximately $30 million. The new shares will bring the total outstanding equity shares to 433,331,423. The funds will be utilized to expand Sify's Network Centric Services, Data Center Services, Digital Services, and for general corporate purposes. The new equity shares are expected to be delivered by July 5, 2024, and ADSs by July 9, 2024. Excess subscription payments will be returned to the holders.

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.

Sify has reported its Consolidated Financial Results for FY 2023-24, showcasing a revenue of INR 35,634 Million, EBITDA of INR 6,756 Million, and a profit for the period of INR 49 Million. The company witnessed a 7% increase in revenue and EBITDA, but a 93% decrease in profit compared to the previous year. The management is optimistic about India's growth potential and Sify's role in it, emphasizing investments, partnerships, and workforce expansion. Sify's business highlights include revenue splits between Data Center, Digital, and Network services, along with customer engagements across various sectors. Financially, Sify's EBITDA for the year stands at INR 6,756 Million, with a profit before tax of INR 232 Million.

Sify reports Consolidated Financial Results for FY 2023-24 with Revenues of INR 35,634 Million and EBITDA of INR 6,756 Million. Despite a decrease in Profit before tax and Profit after tax, the company's Chairman, CEO, and Group CFO are optimistic about India's growth and Sify's role in it.

Sify Technologies, a leading Digital ICT solutions provider, will announce its unaudited IFRS financial results for FY 2023-24 on April 22, 2024. The company will host a conference call with key executives for interested parties to participate and listen to the live broadcast.

Sify Technologies announces a Rights Offering to expand its business in developing Network centric services, Data Center services, and Digital Services. The Company files a Registration Statement on Form F-1 with the SEC for the Rights Offering.