Sify Technologies to implement ADS ratio change

Sify Technologies announced that it will change the ratio of its American Depositary Shares, or “ADSs,” to equity shares from the current ratio, where one ADS represents one equity share, to a new ratio, where one ADS will represent six equity shares. The ADS Ratio Change is expected to become effective on or about October 4. “For the Company’s ADS holders, the ADS Ratio Change will have the same effect as a one-for-six reverse ADS split and will have no impact on an ADS holder’s proportional equity interest in the Company, except to the extent that the ratio change would have resulted in an ADS holder owning fractional ADSs. There will be no change to the Company’s equity shares. On the Effective Date, registered holders of the Company’s ADSs held in certificated form will be required on a mandatory basis to surrender their certificated ADSs to Citibank, N.A., the depositary bank (the “Depositary”), for cancellation and will receive one (1) new ADS in exchange for every six (6) existing ADSs surrendered. Holders of uncertificated ADSs in The Depository Trust Company and Direct Registration System will have their ADSs automatically exchanged and need not take any action. The exchange of every six (6) then-held (existing) ADSs for one (1) new ADS will occur automatically at the Effective Date, with the then-held ADSs being cancelled and new ADSs being issued by the Depositary,” the company stated The company’s ADSs will continue to be traded on the NASDAQ Capital Market under the symbol “SIFY“.