Not to belabor our differences but something in your last post caught my attention.
"It will much more likely be from the 125 million Indian shares the promotes hold. They have almost INR 1000 million in cash and further calls on the capital issued as far as I remember. So no urgent need for fresh capital."
The privately issued shares are owned by Raju personally, bought from SIFY with the capital raised going towards CAPEX. However if there was an Indian IPO it would mean a further issuance from SIFY not from Raju as an individual, as an individual he cannot make a public offering. This would definately be dilutive.
sloop, I disagree with that statement. If sify is planning for IPO (if that is true since I have not seen any statement made by SIFY - it was all in the board without any supporting statement from SIFY) then it will be for the 125 million shares which needs to be balanced off with the 125 million shares being added to NASDAQ.
To my knowledge, without any IPO, these 125 million shares should never being added to NASDAQ. This is a mistake and should be removed at least for now.
Correct me if I am wrong.