Sify Technologies Ltd. Announces Plan to Implement ADS Ratio Change
19 September 2024 - 12:54AM
Sify Technologies Ltd. (Nasdaq: Sify) (the “Company”), a leading
integrated information communications technology (or ICT) Solutions
and Services provider in India, today announced that it will change
the ratio of its American Depositary Shares (“ADSs”) to equity
shares from the current ratio, where one (1) ADS represents
one (1) equity share, to a new ratio, where one (1) ADS
will represent six (6) equity shares (the “ADS Ratio Change”).
The ADS Ratio Change is expected to become effective on or about
October 4, 2024 (the “Effective Date”).
For the Company’s ADS holders, the ADS Ratio
Change will have the same effect as a one-for-six reverse
ADS split and will have no impact on an ADS holder’s proportional
equity interest in the Company, except to the extent that the ratio
change would have resulted in an ADS holder owning fractional ADSs.
There will be no change to the Company’s equity shares.
On the Effective Date, registered holders of the
Company’s ADSs held in certificated form will be required on a
mandatory basis to surrender their certificated ADSs to Citibank,
N.A., the depositary bank (the “Depositary”), for cancellation and
will receive one (1) new ADS in exchange for every six (6)
existing ADSs surrendered. Holders of uncertificated ADSs in The
Depository Trust Company and Direct Registration System will have
their ADSs automatically exchanged and need not take any action.
The exchange of every six (6) then-held (existing) ADSs for
one (1) new ADS will occur automatically at the Effective
Date, with the then-held ADSs being cancelled and new ADSs being
issued by the Depositary.
The Company’s ADSs will continue to be traded on
the NASDAQ Capital Market under the symbol “SIFY”.
No fractional new ADSs will be issued in
connection with the change in the ADS Ratio Change. Instead,
fractional entitlements to new ADSs will be aggregated and sold by
the Depositary and the net cash proceeds from the sale of the
fractional ADS entitlements will be distributed to the applicable
ADS holders by the Depositary, in each case in accordance with the
Depositary’s then current procedures and practices and after any
deductions as provided in the deposit agreement between the Company
and the Depositary for the ADSs.
As a result of the ADS Ratio Change, the ADS
price is expected to increase proportionally, although the Company
can give no assurance that the ADS price after the ADS Ratio Change
will be equal to or greater than six times the ADS price before the
change.
About Sify Technologies
Limited
A Fortune India 500 company, Sify Technologies
Limited is a comprehensive ICT service & solution provider.
With cloud at the core of its solutions portfolio, the Company is
focused on the changing ICT requirements of the emerging digital
economy and the resultant demands from large, mid and small-sized
businesses.
The Company’s infrastructure comprises
state-of-the-art data centers, the largest MPLS network,
partnership with global technology majors and deep expertise in
business transformation solutions modelled on the cloud, making it
an ideal partner for start-ups, SMEs and even large enterprises on
the verge of a revamp.
More than 10,000 businesses across
multiple verticals have taken advantage of our data centers,
networks and digital services to help conduct their business from
more than 1,700 cities in India. Internationally, the Company has
presence across North America, the United Kingdom and
Singapore.
Safe Harbor Statement
This release contains certain “forward-looking
statements” relating to the Company and its business. These
forward-looking statements are often identified by the use of
forward-looking terminology such as “expects”, “intends”, “will”,
or similar expressions. Such forward-looking statements involve
known and unknown risks and uncertainties that may cause actual
results to be materially different from those described herein as
expected, intended or planned. Investors should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. The Company’s actual results
could differ materially from those anticipated in these
forward-looking statements as a result of a variety of factors,
including those discussed in the Company’s reports that are filed
with the Securities and Exchange Commission and available on its
website (www.sec.gov). All forward-looking statements attributable
to the Company or to persons acting on its behalf are expressly
qualified in their entirety by these factors other than as required
under the securities laws. The Company does not assume a duty to
update these forward-looking statements.
For further information, please contact:
Sify Technologies LimitedMr. Praveen
KrishnaInvestor Relations & Public Relations+91
9840926523praveen.krishna@sifycorp.com |
20:20 Media Nikhila Kesavan+91
9840124036nikhila.kesavan@2020msl.com |
Weber ShandwickLucia Domville+1-212
546-8260LDomville@webershandwick.com |
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