Mumbai, June 03: Internet services provider Sify Ltd plans to seek shareholder approval to convert 3.6 to 4.6 million shares into American Depository Shares, it said in a filing with the US Securities and Exchange Commission. A spokesman for the Nasdaq-listed Sify told that the company was seeking an enabling resolution to convert up to 10 per cent of its shares into ADSs, but it did not have a time frame for the issue.

The shareholders' annual general meeting will be held on June 23.
Sify's ADSs, each of which represents one underlying share with a face value of 10 rupees, closed on Monday at $5.45. They have more than doubled in value since the start of 2003.
The Madras-based company's "sponsored" ADS issue will give holders of the underlying equity shares such as India's fourth largest software services exporter, Satyam Computer Services Ltd, an opportunity to sell their shares in ADS market.
Satyam Computer holds a 35 per cent stake in Sify and has been looking to sell all or a part of its stake. Bureau Report