Mumbai: Satyam Computer Services Ltd. said on Thursday it had sold its entire 31.61 per cent in Internet firm Sify Ltd. to US-based Infinity Capital Ventures Ltd. for $62.62 million.
Infinity also bought an additional 6.7 million new shares of Sify worth $37 million at about $5.60 each in a separate cash transaction.
Satyam said its sale, at $5.60 per American depositary share, would help it focus on IT services and unlock the value of its investment.
Chairman B Ramalinga Raju said after an original investment of $5 million in Sify, Satyam had made $117 million to date.
Sify expects to close the deal by the end of this year after receiving shareholder and regulatory approvals.
Infinity Capital will hold 40 per cent of Sify, with Infinity founder Raju Vegesna as Sify's new chairman.
Sify said it would continue to focus on consumer services, including portals and internet access, corporate services and international IT infrastructure management services.
It would also look at investing in portals and acquisitions for growth.
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