Venture Tech sells Sify stake

Venture Tech Solutions, which along with Softbank of Japan had acquired a majority stake in Nasdaq-listed Sify Ltd, has recently sold nearly 300,000 shares of Sify to Fiserv Securities Ltd. Post-selloff, VTS holds 7.8 per cent stake in Sify.

VTS has also sold around 480,000 shares to Venture Tech Assets, representing 1.4 per cent stake in Sify.

Sify made a filing with the Securities and Exchange Commission in the US to this effect. Analysts said the move sets the ball rolling for VTS and VTA to exit Sify.

"The conversion to ADS followed by the stake sale is being viewed as a step by VTS to exit Sify," an analyst said.

Venture Tech along with its affiliates owned nearly 9.99 per cent of Sify's outstanding equity shares prior to the sale.

The transfer of stake by VTS and VTA has been preceded by conversion of equity shares of Sify -- which are not listed in India but are traded at the Nasdaq, into American depository shares.

The conversion will make it easier for VTS and VTA to reduce stake and exit Sify.

Sify had recently registered the equity shares held by VTS and VTA for resale to permit public secondary trading of the securities, which allowed them to offer the securities for resale from time to time through conversion to an ADS.