Internet and e-commerce services provider Sify Technologies plans to raise $57 million through sale of 12.81 million Indian equity shares to Infinity Satcom Universal Private Limited at a price of $4.46 per share.

The aggregate proceeds of $57 million from this sale, according to Sify, would be used to fund the company’s growth and development.

Infinity Satcom Universal Private Limited is an Indian entity controlled by Ananda Raju Vegesna an Executive Director of Sify Technologies and also brother of Sify’s MD and CEO Raju Vegesna.

Sify’s shareholders approved the share purchase by Infinity Satcom Universal Private Limited at an extraordinary general meeting on March 17, 2008.

Sify said the shares were sold to Infinity Satcom Universal Private Limited in an offshore transaction and no selling efforts were made in the U.S.

Sify said in a statement that “the purchased shares will not be registered in the United States and will not be traded in the United States as American Depositary Shares.”