Sify Technologies Limited reported that its subsidiary, Sify Infinit Spaces Limited (SISL), converted outstanding compulsorily convertible secured debentures (CCDs) into equity shares for investors Kotak Special Situations Fund and Kotak Data Centre Fund. Following the conversion, Sify Technologies retains an 88.45% majority stake in SISL, with all related debenture agreements and put options terminating as part of SISL's planned initial public offering in India.
Key takeaways
Sify Technologies Limited (STL) remains the majority holder of subsidiary Sify Infinit Spaces Limited (SISL) with 53,482,589 equity shares, representing approximately 88.45% of total equity.
Kotak Special Situations Fund (KSSF) received 32,380,709 equity shares (approximately 5.36%) and Kotak Data Centre Fund (KDCF) received 37,386,997 equity shares (approximately 6.19%) upon conversion of CCDs.
All CCDs issued under the KSSF Debenture Subscription Agreement and KDCF Debenture Subscription Agreement have been converted, leaving no CCDs outstanding.
The KSSF Debenture Subscription Agreement, KDCF Debenture Subscription Agreement, and the Sale Right Agreement (formerly KSSF Put Option Agreement) have expired in accordance with their terms.
The conversion was executed in connection with the potential initial public offering (IPO) of SISL and the listing of its equity shares on BSE Limited and National Stock Exchange of India Limited.