SIFY to issue equity shares worth USD 86 million as preferential allotment to promoters
Posted on 29. Aug, 2010 by Latha B. Reddy in Business
SIFY Technologies Limited., the Indian leader in Enterprise and consumer Internet Services mulls on the idea of issuing equity shares as preferential issue to the promoters worth approximately $86 million.
The shares issuance that was proposed was around 125 million equity shares of Rs. 10 each whose purchase price will be Rs. 32 (includes premium of Rs. 22 a share).
The shares will be given at a discounted price to the existent American Depository Share market price. However, these shares do not qualify to be tradeable at the NASDAQ as the American Depository Shares.
The proposal of preferential allotment of shares worth $86 million was approved by Sify Technologies Ltd., Board of Directors
