10:47 AM EDT, 06/07/2024 (MT Newswires) -- Sify Technologies ( SIFY ) said Friday it has launched a rights offering to distribute transferable rights to holders of its equity shares and American depositary shares to subscribe for new equity shares and ADSs, respectively, for expected gross proceeds of roughly $30 million.

The equity shareholders will receive about 1.36 equity share rights for each share owned as of May 31 at a subscription price of 10 Indian rupees ($0.12) per new equity share, the company said.

ADS holders will receive about 1.36 ADS rights for each ADS owned as of May 31 for $0.14 apiece, the company said.

Sify ( SIFY ) said it plans to use the net proceeds for business expansion and general corporate purposes.

Shares of the company fell 9.1% in recent trading.

Price: 0.81, Change: -0.08, Percent Change: -9.12