Form SC 13D/A SIFY TECHNOLOGIES LTD Filed by: INFINITY CAPITAL VENTURES, LP

  

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 7)

 

SIFY TECHNOLOGIES LIMITED

(Name of Issuer)

 

American Depositary Shares, each representing one Equity Share

(Title of Class of Securities)

 

804099208

(CUSIP Number)

 

Infinity Capital Ventures, LP

1929 Hooper Avenue,

Los Angeles, CA 90011

Attn: Amir Ohebsion

310-445-5533

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

June 28, 2024

Date of Event Which Requires Filing of This Statement

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Section 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o

 

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

SCHEDULE 13D (Amendment No. 7)

  

CUSIP No.

804099208

 

1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Infinity Capital Ventures, LP
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)o (b)o
3	SEC USE ONLY
4	SOURCE OF FUNDS AF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o
6	CITIZENSHIP OR PLACE OF ORGANIZATION Delaware

NUMBER OF
SHARES	7	SOLE VOTING POWER
BENEFICIALLY		32,861,355 American Depositary Shares, each representing one Equity Share
OWNED BY	8	SHARED VOTING POWER
EACH	9	SOLE DISPOSITIVE POWER
REPORTING		32,861,355 American Depositary Shares, each representing one Equity Share
PERSON	10	SHARED DISPOSITIVE POWER
WITH

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 32,861,355 American Depositary Shares, each representing one Equity Share
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.58% *
14	TYPE OF REPORTING PERSON PN

 

* Represents the percentage obtained by dividing (i) the number of American Depositary Shares beneficially held by the Reporting Person, each representing one Equity Share by (ii) 433,331,423, the number of Equity Shares which will be outstanding after the rights offering, as announced by the Issuer by press release on June 28, 2024.

 

 

 

SCHEDULE 13D (Amendment No. 7)

 

CUSIP No.

804099208

 

1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)  Infinity Capital Venture Management, LLC
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)o (b)o
3	SEC USE ONLY
4	SOURCE OF FUNDS  AF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)  o
6	CITIZENSHIP OR PLACE OF ORGANIZATION  Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER   32,861,355 American Depositary Shares, each representing one Equity Share
	8	SHARED VOTING POWER
	9	SOLE DISPOSITIVE POWER   32,861,355 American Depositary Shares, each representing one Equity Share
	10	SHARED DISPOSITIVE POWER

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   32,861,355 American Depositary Shares, each representing one Equity Share
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES        o
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)   7.58% *
14	TYPE OF REPORTING PERSON   OO

 

* Represents the percentage obtained by dividing (i) the number of American Depositary Shares beneficially held by the Reporting Person, each representing one Equity Share by (ii) 433,331,423, the number of Equity Shares which will be outstanding after the rights offering, as announced by the Issuer by press release on June 28, 2024.

 

 

SCHEDULE 13D (Amendment No. 7)

 

CUSIP No.

804099208

 

1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Vegesna Family Trust
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)o (b)o
3	SEC USE ONLY
4	SOURCE OF FUNDS AF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o
6	CITIZENSHIP OR PLACE OF ORGANIZATION California

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 1,466,558 American Depositary Shares, each representing one Equity Share
	8	SHARED VOTING POWER 32,861,355 American Depositary Shares, each representing one Equity Share
	9	SOLE DISPOSITIVE POWER 1,466,558 American Depositary Shares, each representing one Equity Share
	10	SHARED DISPOSITIVE POWER 32,861,355 American Depositary Shares, each representing one Equity Share

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 34,327,913 American Depositary Shares, each representing one Equity Share
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 7.92% *
14	TYPE OF REPORTING PERSON OO

 

* Represents the percentage obtained by dividing (i) the number of American Depositary Shares, each representing one Equity Share, beneficially held by the Reporting Person by (ii) 433,331,423, the number of Equity Shares which will be outstanding after the rights offering, as announced by the Issuer by press release on June 28, 2024.

 

 

SCHEDULE 13D (Amendment No. 7)

 

CUSIP No.

804099208

 

1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Raju Vegesna
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)o (b)o
3	SEC USE ONLY
4	SOURCE OF FUNDS PF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o
6	CITIZENSHIP OR PLACE OF ORGANIZATION India

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 362,660,044 shares*
	8	SHARED VOTING POWER 1,466,558 shares ***
	9	SOLE DISPOSITIVE POWER 362,660,044 shares*
	10	SHARED DISPOSITIVE POWER 1,466,558 shares ***

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 364,126,602 shares *
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 84.03% **
14	TYPE OF REPORTING PERSON IN

 

* Shares consist of both Equity Shares and American Depositary Shares, each representing one Equity Share.

 

** Represents the percentage obtained by dividing (i) the number of Equity Shares and the number American Depositary Shares, each representing one Equity Share, beneficially held by the Reporting Person by (ii) 433,331,423, the number of Equity Shares which will be outstanding after the rights offering, as announced by the Issuer by press release on June 28, 2024. Raju Vegesna beneficially holds all of the shares of the Issuer held by all of the Reporting Persons included on this Amendment No. 7.

 

*** Includes 1,466,558 American Depositary Shares, each representing one Equity Share, owned by the Vegesna Family Trust, of which the Reporting Person is co-trustee and has voting and dispositive power and beneficial ownership.

 

 

SCHEDULE 13D (Amendment No. 7)

 

CUSIP No.

804099208

 

1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Raju Vegesna Infotech and Industries Private Limited
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)o (b)o
3	SEC USE ONLY
4	SOURCE OF FUNDS AF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o
6	CITIZENSHIP OR PLACE OF ORGANIZATION India

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 315,268,689 Equity Shares
	8	SHARED VOTING POWER
	9	SOLE DISPOSITIVE POWER 315,268,689 Equity Shares
	10	SHARED DISPOSITIVE POWER

 

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 315,268,689 Equity Shares
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 72.75% *
14	TYPE OF REPORTING PERSON OO **

 

* Represents the percentage obtained by dividing (i) the number of Equity Shares beneficially held by the Reporting Person by (ii) 433,331,423, the number of Equity Shares which will be outstanding after the rights offering, as announced by the Issuer by press release on June 28, 2024.

 

** Reporting Person is an Indian company incorporated under the provisions of the Indian Companies Act, 1956.

 

 

SCHEDULE 13D (Amendment No. 7)

 

CUSIP No.

804099208

 

1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Ramanand Core Investment Company Private Limited
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)o (b)o
3	SEC USE ONLY
4	SOURCE OF FUNDS AF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o
6	CITIZENSHIP OR PLACE OF ORGANIZATION India

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 295,455,000 Equity Shares
	8	SHARED VOTING POWER
	9	SOLE DISPOSITIVE POWER 295,455,000 Equity Shares
	10	SHARED DISPOSITIVE POWER

 

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 295,455,000 Equity Shares
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 68.18% *
14	TYPE OF REPORTING PERSON OO **

 

* Represents the percentage obtained by dividing (i) the number of Equity Shares beneficially held by the Reporting Person by (ii) 433,331,423, the number of Equity Shares which will be outstanding after the rights offering, as announced by the Issuer by press release on June 28, 2024.

 

** Reporting Person is an Indian company incorporated under the provisions of the Indian Companies Act, 1956.

 

 

SCHEDULE 13D (Amendment No. 7)

 

CUSIP No.

804099208

 

1	NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Infinity Satcom Universal Private Limited
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)o (b)o
3	SEC USE ONLY
4	SOURCE OF FUNDS AF
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o
6	CITIZENSHIP OR PLACE OF ORGANIZATION India

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	7	SOLE VOTING POWER 329,798,689 Equity Shares
	8	SHARED VOTING POWER
	9	SOLE DISPOSITIVE POWER 329,798,689 Equity Shares
	10	SHARED DISPOSITIVE POWER

11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 329,798,689 Equity Shares
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES o
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 76.11% *
14	TYPE OF REPORTING PERSON OO **

 

* Represents the percentage obtained by dividing (i) the number of Equity Shares beneficially held by the Reporting Person by (ii) 433,331,423, the number of Equity Shares which will be outstanding after the rights offering, as announced by the Issuer by press release on June 28, 2024.

 

** Reporting Person is an Indian company incorporated under the provisions of the Indian Companies Act, 1956.

 

 

SCHEDULE 13D (Amendment No. 7)

 

The information in this Amendment No. 7 is supplemental and is not a complete restatement of the text of the Schedule 13D (as defined below). This Amendment No. 7 to Schedule 13D (“Amendment No. 7”) should be read in conjunction with, and is qualified in its entirety by reference to, Amendment No. 6 (“Amendment No. 6”) to this Schedule 13D, filed on June 11, 2024, Amendment No. 5 to this Schedule 13D, filed on June 20, 2012 (“Amendment No. 5”), Amendment No. 4 to this Schedule 13D, filed on December 21, 2010 (“Amendment No. 4”), Amendment No. 3 to this Schedule 13D, filed on June 4, 2009, Amendment No. 2 to this Schedule 13D, filed on January 22, 2007, Amendment No. 1 to this Schedule 13D, filed on November 23, 2005 and the Schedule 13D filed on November 21, 2005 (as amended, the “Schedule 13D”).

 

As used herein, the “Reporting Persons” includes, collectively, Infinity Capital Ventures, LP (“Infinity Capital”); Infinity Capital Venture Management, LLC (“Infinity Capital Management”); the Vegesna Family Trust (the “Family Trust”), Raju Vegesna (“Vegesna”); Raju Vegesna Infotech and Industries Private Limited (“Infotech”), Ramanand Core Investment Company Private Limited (“Ramanand”), and Infinity Satcom Universal Private Limited (“Infinity Satcom”).

 

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.

 

 

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 Chief Executive Officer of the Issuer. The principal executive offices of the Issuer are located at Tidel Park, 2nd Floor No 4, Rajiv Gandhi Salai, Taramani, Chennai, 600 113, India.

 

During the past five (5) years, none of the Reporting Persons have been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) nor (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to United States federal or state securities laws or finding any violation with respect to such laws.

 

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.

 

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”).

 

 

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 Share rights at an investment of approximately $2.4 million to purchase 19,813,689 new Equity Shares. None of the Reporting Persons subscribed for or received additional Equity Shares or ADSs pursuant to the Over-Subscription Right.

 

On June 28, 2024, the Issuer’s board of directors approved the allocations of Equity Shares and ADSs, including allocations pursuant to the Over-Subscription Right, in connection with the rights offering.

 

The Reporting Persons intend to review from time to time the Issuer’s business affairs and financial position. Based on such evaluation and review, as well as general economic and industry conditions existing at the time, the Reporting Persons may consider from time to time various alternative courses of action. Such actions may include the acquisition of additional Equity Shares, either in privately negotiated transactions or otherwise. Alternatively, such actions may involve the sale of all or a portion of the ADSs representing the Equity Shares in the open market, in privately negotiated transactions, through a public offering or otherwise.

 

Except as described above and except in connection with the Transaction, the Reporting Persons have no present plan or proposal, which relate to or would result in any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

 

 

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 329,798,689 Equity Shares, with 14,530,000 Equity Shares held directly and 315,268,689 Equity Shares held indirectly, representing in the aggregate 76.11% of the Issuer’s outstanding Equity Shares. Infinity Satcom controls Infotech, and accordingly, Infinity Satcom may be deemed to have an indirect beneficial ownership of Equity Shares owned by Infotech and by Ramanand, Infotech’s majority-owned subsidiary. Vegesna controls Infinity Satcom and accordingly Vegesna may be deemed to have an indirect beneficial ownership of the Equity Shares owned by Ramanand as a result of Infinity Satcom’s majority ownership of Infotech.

 

Vegesna has direct or indirect beneficial ownership of the Equity Shares and ADSs held by Infinity Capital, Infinity Capital Management, the Family Trust, Ramanand and Infinity Satcom, totaling 364,126,602 Equity Shares and ADSs in the aggregate, representing approximately 84.03% of the Issuer’s outstanding Equity Shares.

 

(b) As the direct beneficial owner of 32,861,355 ADSs, Infinity Capital has the sole voting power over 32,861,355 of the Issuer’s Equity Shares. Since Infinity Capital Management is the general partner of Infinity Capital, and the Family Trust is the limited partner of Infinity Capital, they also have indirect voting power over the 32,861,355 Equity Shares owned by Infinity Capital. Vegesna is the sole manager of Infinity Capital Management, and he may be deemed to have indirect voting power over the 32,861,355 ADSs owned by Infinity Capital.

 

As the direct beneficial owner of 1,466,558 ADSs, the Family Trust has the sole voting power over 1,466,558 of the Issuer’s Equity Shares. Because Vegesna is the co-trustee of the Family Trust, he may be deemed to have indirect voting power over the 1,466,558 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.

 

  

As the direct beneficial owner of 295,455,000 Equity Shares, Ramanand has voting power over 295,455,000 of the Issuer’s Equity Shares. Ramanand is a majority-owned subsidiary of Infotech, and accordingly, Infotech may be deemed to have indirect voting power over the 295,455,000 Equity Shares owned by Ramanand. As the direct beneficial owner of 19,813,689 Equity Shares, Infotech directly has voting power over 19,813,689 of the Issuer’s Equity Shares. Infinity Satcom controls Infotech, and accordingly, Infinity Satcom may be deemed to have indirect voting power over the 19,813,689 Equity Shares owned by Infotech and over the 295,455,000 Equity Shares owned by Ramanand, Infotech’s majority-owned subsidiary. Vegesna controls Infinity Satcom and accordingly Vegesna may be deemed to have indirect voting power over the 19,813,689 Equity Shares owned by Infotech and over the 295,455,000 Equity Shares owned by Ramanand as a result of Infinity Satcom’s majority ownership of Infotech.

 

In addition to its indirect ownership of, and voting power over, the 19,813,689 Equity Shares owned by Infotech and the 295,455,000 Equity Shares owned by Ramanand, Infinity Satcom directly owns 14,530,000 Equity Shares, over which it has sole voting power. Vegesna controls Infinity Satcom, and accordingly, Vegesna may be deemed to have indirect voting power over the 14,530,000 Equity Shares owned by Infinity Satcom.

 

Vegesna has direct or indirect beneficial ownership of Infinity Capital, Infinity Capital Management, the Family Trust, Ramanand and Infinity Satcom. Vegesna therefore has voting power over the 364,126,602 Equity Shares and ADSs owned by these entities in the aggregate. Of these Equity Shares, Vegesna has sole voting power over 362,660,044 Equity Shares and shared voting power over the 1,466,558 Equity Shares owned by the Family Trust, due to his role as co-trustee of the Family Trust.

 

(c)       Not applicable.

 

(d)       The Family Trust is managed by three founder trustees, one of which is Vegesna. Each of the three trustees has power to direct the receipt of dividends from, or the proceeds from the sale of, the Equity Shares owned by the Family Trust.

 

(e)       Not applicable.

 

 

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.

 

ITEM 7. Material to be Filed as Exhibits.

 

None.

 

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).

 

 

 

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