Softbank Asia, VentureTech to invest $20 M in Sify
Monday, 07 October 2002, 19:30 IST
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Satyam Infoway Ltd. (Sify), one of India's leading Internet service providers, Friday announced a fresh infusion of $20 million in the company by two global technology industry investment firms.

NEW DELHI: Softbank Asia Infrastructure Fund, an affiliate of Japanese Internet investor Softbank Corp, and VentureTech will pick up a 33 percent stake in Satyam Infoway by investing $20 million, said a Sify statement issued to the Bombay Stock Exchange. While Softbank will invest $13 million for 21.7 percent stake, Britain-based VentureTech will invest $7 million to pick up 11.7 percent equity stake in the company, the statement added. After the completion of the transaction, the holding of parent Satyam Computer Services' in Sify will be reduced to 35 percent. "These transactions are expected to be completed by December 31, 2002, upon receipt of approvals from Sify's shareholders, government approvals and the satisfaction of other closing conditions as required," said the statement.
Source: IANS

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