Sify Technologies Announces plans for rights offering to shareholders

Sify Technologies has filed a Registration Statement on Form F-1 with the SEC for a rights offering to holders of its equity shares and ADSs. The net proceeds of the Rights Offering are expected to be utilized for expansion of the business in developing Network centric services, Data Center services and Digital Services and for general corporate purposes. In the Rights Offering, the company will distribute, at no charge, to the holders of its equity shares, transferable rights to subscribe for new equity shares and, through Citibank, the depositary for the ADSs, to holders of ADSs, transferable rights to subscribe for new equity shares in the form of ADSs. The Rights Offering will include an over-subscription right, which will permit each rights holder that exercises its subscription rights in full the option to purchase additional equity shares or ADSs that remain unsubscribed at the expiration of the Rights Offering. The Rights Offering will not commence until the Registration Statement has been declared effective by the SEC.