Infinity Capital Ventures Updates Sify Technologies Stake

TL;DR

Infinity Capital Ventures filed an amendment on Sify Technologies. Watch for changes.

AI Summary

Infinity Capital Ventures, LP, through an amendment filed on June 11, 2024, has updated its Schedule 13D regarding Sify Technologies Limited. The filing indicates a change in beneficial ownership, though specific new holdings or dollar amounts are not detailed in this excerpt. This amendment follows previous filings concerning Sify Technologies Limited.

Why It Matters

This filing signals a potential shift in major shareholder activity for Sify Technologies, which could influence stock price and corporate strategy.

Risk Assessment

Risk Level: medium — Schedule 13D filings often precede significant corporate actions or shifts in control, introducing uncertainty.

Key Players & Entities

• Infinity Capital Ventures, LP (company) — Filing entity
• Sify Technologies Limited (company) — Subject company
• Amir Ohebsion (person) — Contact person for Infinity Capital Ventures

FAQ

Key Financial Figures

• $2.7 million — Capital intends to invest approximately $2.7 million (which includes a $0.02 Depositary fee
• $0.02 — ximately $2.7 million (which includes a $0.02 Depositary fee per new ADS) to subscrib
• $118,453 — y Trust intends to invest approximately $118,453 (which includes a $0.02 Depositary fee
• $20.5 million — amanand intends to invest approximately $20.5 million to subscribe for new Equity Shares in t
• $2.4 million — Satcom intends to invest approximately $2.4 million to subscribe for new Equity Shares in t
• $0.12 — ADS owned, at a subscription price of US$0.12 or Rs.10 for each new Equity Share or A

Filing Documents

• icv001_sc13da.htm (SC 13D/A) — 126KB
• 0001575872-24-000649.txt ( ) — 127KB

Security and Issuer

ITEM 1. Security and Issuer. The class of equity securities to which this Amendment No. 6 relates is the equity shares, par value Indian Rupees 10 per share (the “ Equity Shares ”), of Sify Technologies Limited, a company incorporated in India (the “ Issuer ”). The Equity Shares are the underlying shares of the Issuer’s American Depositary Shares (“ ADSs ”), which each represent one Equity Share. The Equity Shares are not traded on an exchange either in the United States or India. The Issuer’s ADSs trade on the Nasdaq Capital Market. The ADSs have been issued pursuant to a Deposit Agreement, dated as of October 18, 1999, by and among the Issuer, Citibank, N.A., as depositary (the “ Depositary ”), and the holders and beneficial owners of ADSs, as amended by Amendment No. 1 to Deposit Agreement, dated as of January 6, 2000, as further amended by Amendment No. 2 to Deposit Agreement, dated as of September 24, 2002, as supplemented by Supplemental Letter Agreement, dated as of November 2, 2007, and as amended by Amendment No. 3 to Deposit Agreement, dated as of June 15, 2009. The principal executive offices of the Issuer are located at Tidel Park, 2nd Floor No 4, Rajiv Gandhi Salai, Taramani, Chennai, 600 113, India. -9-

Identity and Background

ITEM 2. Identity and Background. Infinity Capital’s principal business is investments, and its principal business office is 1929 Hooper Avenue, Los Angeles, CA 90011. The general partner of Infinity Capital is Infinity Capital Management, an entity owned by the Family Trust and the sole manager of which is Vegesna. The Family Trust is a trust organized under the laws of US, and its address is 1929 Hooper Avenue, Los Angeles, CA 90011, US. Vegesna is a co-trustee of the Family Trust. Infinity Satcom is organized under the laws of India, and the address of its principal business office is New No. 4, Old No.59, Luz Avenue, Mylapore, Chennai - 600004, Tamil Nadu, India. Infinity Satcom’s principal business is information technology. Vegesna owns 83.56% of the outstanding shares of Infinity Satcom, 11.82% held by Vegesna Family Trust (India) and the remaining 4.62% held by Aarti Space Realtors (India) Pvt. Ltd. Ramanand is organized under the laws of India, and the address of its principal business office is New No. 4, Old No.59, Luz Avenue, Mylapore, Chennai - 600004, Tamil Nadu, India. Ramanand is managed by a three member board of directors comprised of Vegesna, Vegesna Bala Saraswathi and C. R. Rao. Ramanand’s primary business is investments. Infotech owns 96.19 % of the outstanding shares of Ramanand and Infinity Satcom owns 3.81% of the outstanding shares of Ramanand. Infotech is organized under the laws of India, and the address of its principal business office is New No. 4, Old No.59, Luz Avenue, Mylapore, Chennai - 600004, Tamil Nadu, India. Infotech’s primary business is information technology. Infotech is managed by a four member board of directors comprised of Vegesna, Vegesna Bala Saraswathi, Pasupulety Venkateswara Rao and C. R. Rao. Vegesna and Infinity Satcom own 100% of the outstanding shares of Infotech. Raju Vegesna is of Indian citizenship the Chairman and Chief Executive Officer of the Issuer. The principal executive of

Source and Amount of Funds or Other Consideration

ITEM 3. Source and Amount of Funds or Other Consideration. As discussed in Item 4, the Reporting Persons intend to use funds provided by Vegesna to invest in newly issued Equity Shares and ADSs of the Issuer through participation in the Issuer’s rights offering. Infinity Capital intends to invest approximately $2.7 million (which includes a $0.02 Depositary fee per new ADS) to subscribe for new ADSs in the rights offering. The Family Trust intends to invest approximately $118,453 (which includes a $0.02 Depositary fee per new ADS) to subscribe for new ADSs in the rights offering. Ramanand intends to invest approximately $20.5 million to subscribe for new Equity Shares in the rights offering. Infinity Satcom intends to invest approximately $2.4 million to subscribe for new Equity Shares in the rights offering.

Purpose of Transaction

ITEM 4. Purpose of Transaction. On May 10, 2024, the Issuer filed Amendment No. 1 to its Form F-1 Registration Statement (the “ F-1 ”) and subsequently filed its prospectus on June 3, 2024 (the “ Prospectus ”) setting forth the terms and conditions of its subscription rights offering to holders of record of its Equity Shares and ADSs as of May 31, 2024 (the “ Rights Offering ”). Under the provisions of the Rights Offering, each holder of Equity Shares receives at no charge from the Issuer 1.36364 transferable rights to subscribe for new Equity Shares per Equity Share owned and, through the Depositary, each holder of ADSs receives at no charge from the Issuer 1.36364 transferable rights to subscribe for new Equity Shares in the form of ADSs per ADS owned, at a subscription price of US$0.12 or Rs.10 for each new Equity Share or ADS, as the case may be. Each holder of ADS rights or Equity Share rights who exercises its subscription rights in full will be entitled to subscribe for additional ADSs or Equity Shares, as the case may be, that remain unsubscribed as a result of any unexercised subscription rights by other rights holders, referred to as the over-subscription right. -10- The subscription period, during which holders may exercise their subscription rights, commences on June 7, 2024, and expires on June 21, 2024, unless the Issuer decides to terminate the Rights Offering earlier or to extend the expiration date. Infinity Capital received 18,958,496 ADS rights and intends to invest approximately $2.7 million (which includes a $0.02 Depositary fee per new ADS) to subscribe for new ADSs in the rights offering. The Family Trust received 846,092 ADS rights and intends to invest approximately $118,453 (which includes a $0.02 Depositary fee per new ADS) to subscribe for new ADSs in the rights offering. Ramanand received 170,455,000 Equity Share rights and intends to invest approximately $20.5 million to subscribe for new Equity

Interest in Securities of the Issuer

ITEM 5. Interest in Securities of the Issuer. (a) Infinity Capital is the beneficial owner of 13,902,860 ADSs, representing approximately 7.6% of the Issuer’s outstanding Equity Shares. Since Infinity Capital Management is the general partner and the Family Trust is the limited partner of Infinity Capital, they may be deemed to have an indirect beneficial an indirect beneficial ownership of the ADSs owned by Infinity Capital. The Family Trust is the beneficial owner of 620,466 ADSs, representing approximately 0.3% of the Issuer’s outstanding Equity Shares. Since Vegesna is the co-trustee of the Family Trust, he may be deemed to have an indirect beneficial ownership of the ADSs owned by the Family Trust. Additionally, the Family Trust may be deemed to have indirect beneficial ownership of the 13,902,860 ADSs held by Infinity Capital. Ramanand directly holds 125,000,000 Equity Shares, representing approximately 68.2% of the Issuer’s outstanding Equity Shares. Ramanand is a wholly-owned subsidiary of Infotech and accordingly Infotech may be deemed to have an indirect beneficial ownership of the Equity Shares owned by Ramanand. Infinity Satcom directly holds 14,530,000 Equity Shares, representing 7.9% of the Issuer’s outstanding Equity Shares. In addition, Infinity Satcom controls Infotech and accordingly Infinity Satcom may be deemed to have an indirect beneficial ownership of Equity Shares owned by Ramanand, Infotech’s wholly owned subsidiary. Vegesna controls Infinity Satcom and accordingly Vegesna may be deemed to have an indirect beneficial ownership of the Equity Shares owned by Ramanand as a result of Infinity Satcom’s majority ownership of Infotech. Vegesna has direct or indirect beneficial ownership of the Equity Shares and ADSs held by Infinity Capital, Infinity Capital Management, t

Contracts, Arrangements, Understandings or Relationships

ITEM 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer. Except for the Subscription Agreement previously filed as Exhibit 99.1 to Amendment No. 4 and the Amendment to the Subscription Agreement previously filed as Exhibit 99.1 to Amendment No. 5, the Reporting Persons do not have any contracts, arrangements, understandings or relationships (legal or otherwise) with any person with respect of any securities of the Issuer, including but not limited to, transfer or voting of any of the securities of the Issuer, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies, or a pledge or contingency the occurrence of which would give another person voting or investment power over securities of the Issuer.

Material to be Filed as Exhibits

ITEM 7. Material to be Filed as Exhibits . None. -13- SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: June 11, 2024 INFINITY CAPITAL VENTURES, LP By: Infinity Capital Venture Management, LLC Its General Partner /s/ Raju Vegesna Name: Raju Vegesna Title: Member INFINITY CAPITAL VENTURE MANAGEMENT, LLC By: /s/ Raju Vegesna Name: Raju Vegesna Title: Member VEGESNA FAMILY TRUST By: /s/ Raju Vegesna Name: Raju Vegesna Title: Co-Trustee RAJU VEGESNA /s/ Raju Vegesna Raju Vegesna RAJU VEGESNA INFOTECH AND INDUSTRIES PRIVATE LIMITED By: /s/ Raju Vegesna Name: Raju Vegesna Title: Director RAMANAND CORE INVESTMENT COMPANY PRIVATE LIMITED By: /s/ Raju Vegesna Name: Raju Vegesna Title: Director INFINITY SATCOM UNIVERSAL PRIVATE LIMITED By: /s/ Raju Vegesna Name: Raju Vegesna Title: Director Attention: International misstatements or omissions of fact constitute Federal criminal violations (See 18 U.S.C. 1001).

View Full Filing

View this SC 13D/A filing on SEC EDGAR