Sify Sells 12.8 Million Equity Shares, Raises $57 Million
Indian internet company Sify has agreed to sell roughly 12.8 million Indian equity shares to Infinity Satcom Universal. The shares are expected to go for $4.46 apiece, getting roughly $57 million for Sify.
The company plans to use the capital to fund its growth.
Sify offers end-to-end solutions with a comprehensive range of products delivered over a common Internet backbone infrastructure. This Internet backbone reaches 348 cities and towns in India. A significant part of the company’s revenue is derived from Corporate Services, which include corporate connectivity, network and communications solutions, security, network management services, enterprise applications and hosting.
Consumer services include broadband home access, dial up connectivity and the iWay cyber café chain across 164 cities and towns.
Sify.com the consumer portal of Sify has sub portals like www.samachar.com,www.walletwatch.com,www.sifymax.com and www.chennailive.in,www.bangalorelive.in,www.mumbailive.in,www.hyderabadlive.in the city based live video on the web. The content is available in 5 Indian languages, which include Hindi, Malayalam, Telugu, Kannada and Tamil.
Read the press release here.
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