Shares of Sify Technologies Limited [NASDAQ: SIFY] skyrocketed during the trading session of Friday after Blackstone has shown its intent to acquire holdings in India-based Sify Technologies. The strong performance of the firm’s share has highlighted the positive sentiments of the investors of the firm.
Bloomberg disclosed that Blackstone is in discussion with Sify to buy the minority stake in Sify and Sify is seeking a cost between $1 billion to $1.2 billion. Shares of Sify Technologies soared as much as 45.93% as it gained +1.24 on Friday’s trading session. It is not clear yet what valuation Blackstone will negotiate with Sify.
Furthermore, Blackstone has invested a lot in India recently and its possible investment in Sify Technologies would further reinforce its position in the Indian Market. SIFY holds and runs data centers across the whole of India and has the largest multiplayer label switching network in the country.
If we look at the recent analyst rating of SIFY, Maxim Group has started coverage on SIFY shares with a Buy rating and has set the price target of $4. Sify’s share went from a low point around $0.56 to a high point around $5.89 during the past 52-week of low and high range. Shares of Sify rocketed 208% since January and rose 61% over the past 12 months. SIFY total market capitalization reached $710.58 million at the time of writing.