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Sify to raise $57 million by selling its shares to Infinity Satcom

Sify Technologies has decided to raise about $57.2 million by selling about 12.8 million Indian Equity Shares, at the rate of $4.46 each, of the company to Infinity Satcom Universal, an Indian entity controlled by Ananda Raju Vegesna, an executive director of Sify Technologies, and brother of Raju Vegesna, Sify’s managing director and CEO.

Sify Technologies has decided to raise about $57.2 million by selling about 12.8 million Indian Equity Shares, at the rate of $4.46 each, of the company to Infinity Satcom Universal, an Indian entity controlled by Ananda Raju Vegesna, an executive director of Sify Technologies, and brother of Raju Vegesna, Sify’s managing director and CEO.

According to Sify Technologies, the aggregate proceeds from the sale would be utilised to fund the company’s growth and development. Sify Technologies has also decided to merger Sify Communications, a majority-owned subsidiary of Sify Technologies, with the company.

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