Sify Technologies (NASDAQ:SIFY) stock is falling on Friday as investors prepare for a rights offering with a deadline after markets close today.
Sify Technologies notes that it will distribute to holders of its equity shares rights to subscribe for new equity shares. There is no cost connected to the distribution of these rights. The offering includes 1.36364 equity share rights per share.
Sify Technologies notes that the same type of offering will be made for its America Depository Shares (ADS) as well. This will grant them 1.36364 ADS rights for each ADS owned.
Holders of 0.73 ADS rights can redeem it for one new ADS at a price of $0.14 each. A similar redemption is available for holders of Sify Technologies’ equity rights.
Timing of the SIFY Stock Rights Offering
Sify Technologies notes that the subscription period for the rights offering starts on June 7, 2024 and will end on June 21, 2024. The company says it will provide investors with the final details of the rights offering after that date.
SIFY stock is down 38.1% as of Friday morning. This comes with some 1 million shares traded. The information and technology company’s daily average trading volume is about 115,000 shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
