 Satyam exits Sify
Sify Ltd has said Infinity Capital, a company controlled by Silicon Valley entrepreneur Raju Vegesna, has bought 40 per cent of its stake in two separate transactions, including buying the entire 31.61 per cent stake held by Satyam Computer Services.
Infinity Capital bought 31.61 per cent of Sify's stake held by Satyam Computer Services for $ 62.6 million and it agreed to purchase directly from Sify about 6.7 million newly-issued shares at a purchase price of Rs 256.09 (about $ 5.60) per share in cash, the Chennai-based Sify said in the metropolis.
"The closing of the direct purchase from Sify, representing an additional investment of Rs 1,721 million (about $ 37 million at an exchange rate of Rs 45.73), is expected to occur in late 2005 upon receipt of stockholder and regulatory approvals," it said.
The sale of the Satyam shares has been completed and is not contingent on the Sify issuance.The total position will represent approximately a 40 per cent interest in Sify, it added.
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