Infinity Capital Ventures Amends Sify Technologies Filing

TL;DR

Infinity Capital Ventures updated their Sify stake filing (amendment 7).

AI Summary

Infinity Capital Ventures, LP, through an amendment filed on July 2, 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. The amendment number is 7.

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 — Changes in beneficial ownership filings can indicate significant investor activity, potentially impacting stock price and requiring further investigation.

Key Numbers

• 7 — Amendment Number (Indicates this is the seventh update to the filing.)

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 — Infinity Capital invested 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 — The Family Trust invested approximately $118,453 (which includes a $0.02 Depositary fee
• $20.5 million — fering. Ramanand invested approximately $20.5 million to subscribe for new Equity Shares in t
• $2.4 million — fering. Infotech invested 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

• icv002_sc13da.htm (SC 13D/A) — 124KB
• 0001575872-24-000748.txt ( ) — 126KB

Security and Issuer

ITEM 1. Security and Issuer. The class of equity securities to which this Amendment No. 7 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 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 99.999% of the outstanding shares of Infotech, and C. R. Rao owns 0.001% of the outstanding shares of Infotech. Raju Vegesna is of Indian citizenship and the Chairman and

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 used 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 invested 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 invested approximately $118,453 (which includes a $0.02 Depositary fee per new ADS) to subscribe for new ADSs in the rights offering. Ramanand invested approximately $20.5 million to subscribe for new Equity Shares in the rights offering. Infotech invested 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 ”). 10 Under the provisions of the Rights Offering, each holder of Equity Shares received 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 received 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 exercised its subscription rights in full was entitled to subscribe for additional ADSs or Equity Shares, as the case may be, that remained unsubscribed as a result of any unexercised subscription rights by other rights holders, referred to as the over-subscription right (the “ Over-Subscription Right ”). Infinity Capital received 18,958,496 ADS rights and exercised 18,958,495 ADS rights at an investment of approximately $2.7 million (which includes a $0.02 Depositary fee per new ADS) to purchase 18,958,495 new ADSs. The Family Trust received and exercised 846,092 ADS rights at an investment of approximately $118,453 (which includes a $0.02 Depositary fee per new ADS) to purchase 846,092 new ADSs. Ramanand received and exercised 170,455,000 Equity Share rights at an investment of approximately $20.5 million to purchase 170,455,000 new Equity Shares. Infinity Satcom received 19,813,689 Equity Share rights, which it renounced in favor of Infotech pursuant to Indian law. Infotech then exercised 19,813,689 Equity Sh

Interest in Securities of the Issuer

ITEM 5. Interest in Securities of the Issuer. (a) Subsequent to the issuance of the ADSs identified in Item 4, Infinity Capital will be the beneficial owner of 32,861,355 ADSs, representing approximately 7.58% 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 ownership of the ADSs owned by Infinity Capital. Vegesna is the sole manager of Infinity Capital Management, and he may be deemed to have an indirect beneficial ownership of the ADSs owned by Infinity Capital. Subsequent to the issuance of the ADSs identified in Item 4, the Family Trust will be the beneficial owner of 1,466,558 ADSs, representing approximately 0.34% 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 32,861,355 ADSs held by Infinity Capital. Subsequent to the issuance of the Equity Shares identified in Item 4, Ramanand will directly hold 295,455,000 Equity Shares, representing approximately 68.18% of the Issuer’s outstanding Equity Shares. Ramanand is a subsidiary of Infotech, and accordingly, Infotech may be deemed to have an indirect beneficial ownership of the Equity Shares owned by Ramanand. Subsequent to the issuance of the Equity Shares identified in Item 4, Infotech will directly hold 19,813,689 Equity Shares, representing approximately 4.57% of the Issuer’s outstanding Equity Shares. Infotech is a subsidiary of Infinity Satcom, and accordingly, Infinity Satcom may be deemed to have an indirect beneficial ownership of the Equity Shares owned by Infotech. Subsequent to the issuance of the Equity Shares identified in Item 4, Infinity Satcom will be the beneficial owner of

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. 14 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: July 2, 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). 15

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View this SC 13D/A filing on SEC EDGAR