Sify Technologies to sell MF Global India stake

Last Updated: Tue, Mar 27, 2012 17:52 hrs

REUTERS - Internet and media company Sify Technologies Ltd said it would sell its entire stake in MF Global's India unit in an all cash deal.

As per the agreement, MF Global Overseas and Singapore-based PhillipCapital Group will buy a majority stake in MF Global Sify Securities India.

Financial details of the deal were not disclosed.

MF Global Sify Securities is 70 percent held by the now bankrupt U.S. futures broker MF Global .

MF Global went bankrupt on October 31, after the New York-based company placed disastrous bets on European sovereign debt.

ADRs of Sify Technologies were trading up 7 percent in afternoon trade on Tuesday on the Nasdaq.

(Reporting by Monika Shinghal in Bangalore; Editing by Supriya Kurane)

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