Sify Technologies (SIFY) said Friday it expects to issue about 190.3 million equity shares and 59.7 million of its American Depositary Shares following an oversubscribed rights offering, raising gross proceeds of roughly $30 million.
The company said about 13.3 million ADSs will be issued as part of the oversubscription right.
The new equity shares will be issued around July 5, while the new ADS will be issued around July 9.
Sify plans to use the net proceeds for business expansion and general corporate purposes.
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