Satyam Computer Services has sold its entire 31.6 per cent stake in Sify to Infinity Capital Ventures LP, a company controlled by Silicon Valley entrepreneur Raju Vegesna for $62.6 million (Rs 2.86 billion). In a separate Rs 1.72 billion ($37 million) transaction, Infinity Capital also agreed to buy approximately 6.7 million newly issued shares directly from Sify at a purchase price of Rs 256.09 (about $5.6) per share in cash. This deal is expected to be completed by the end of 2005 after receiving shareholder and regulatory approvals. Infinity Capital will hold 40 per cent of Sify after the transaction.