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Sify plans to raise $86 million by issuing Indian equity shares to its promoters

Sify Technologies, which is listed on Nasdaq, plans to raise $86 million by issuing 125 million Indian equity shares of Rs 10 each, at a purchase price of Rs 32 per share ($0.69), to its promoters including Raju Vegesna, chief executive officer and managing director and Ananda Raju Vegesna, executive director and brother of Raju Vegesna.

Sify Technologies, which is listed on Nasdaq, plans to raise $86 million by issuing 125 million Indian equity shares of Rs 10 each, at a purchase price of Rs 32 per share ($0.69), to its promoters including Raju Vegesna, chief executive officer and managing director and Ananda Raju Vegesna, executive director and brother of Raju Vegesna.

According to Sify Technologies, the proposed allotment of shares is for unlisted Indian equity shares and will not be registered in US or traded on Nasdaq as American Depositary Shares. The proceeds from the proposed issuance will be utilised for working capital, ongoing capital expenditure and future expansion.

The proposal for a preferential allotment of shares was approved by the Sify Technologies Board of Directors on August 4, 2010 and subsequently recommended to the shareholders at the Board Meeting held on August 24, 2010 for their approval at the ensuing Annual General Meeting to be held on September 27, 2010.

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