Sify Infinit Spaces · The offer · Printed pages 79 and 109

A third never reaches the company.
The debt repayment is re-borrowed.

The prospectus states the offer on printed page 79 and the objects on printed page 109. The arithmetic between those two pages is never performed in the document. Performed here, it changes what the raise is for.

Total offer

37,000Rs mn

25,000 fresh issue and 12,000 offer for sale.

Never reaches the company

32%of the offer

The offer for sale is the two Kotak funds selling down, not capital for the business.

Unallocated

23.0%of fresh issue

Not tied to a named object, against a statutory ceiling of 25 per cent.

Net debt reduction

1.4%after the offer

6,000 repaid against 5,629 of new borrowings in the same table.

Exhibit 1

Where the money comes from, and where it actually goes

Rs millions. Ribbon width is proportional to amount.

Fresh issue25,000Offer for sale12,000Chennai 02, tower B, completion4,650Rabale, towers 11 and 12, setting up8,600Repayment or prepayment of borrowings6,000Unallocated5,750Selling shareholders12,000

Hover a ribbon. One of the widest never reaches the company at all.

Source: Sify Infinit Spaces DRHP, proposed schedule of implementation and deployment of Net Proceeds, printed page 109 Printed page 109.

Exhibit 2

The offer does not fund the projects it names

Total estimated cost against the split between net proceeds and new borrowings, Rs millions.

Chennai 02, tower B, completion12,020 total · 2,963 borrowed

25 per cent of it is funded by new debt, not by the offer.

Rabale, towers 11 and 12, setting up11,277 total · 2,666 borrowed

24 per cent of it is funded by new debt, not by the offer.

Funded by net proceedsFunded by new borrowings

Source: Sify Infinit Spaces DRHP, proposed schedule of implementation and deployment of Net Proceeds, printed page 109 Printed page 109.

Exhibit 3

Repaying 6,000 million moves net debt by 1.4 per cent

Net debt bridge, Rs millions. Opening net debt as at the June 2025 quarter.

27,390Net debt todayless 6,000Repaid from proceedsplus 5,629New borrowings27,019Net debt after

Repayment of borrowings is a headline use of proceeds at 6,000 million. The same table commits 5,629 million of new borrowings to part fund the two construction objects. Net debt falls by 371 million, which is 1.4 per cent of where it starts.

Source: Sify Infinit Spaces DRHP, proposed schedule of implementation and deployment of Net Proceeds, printed page 109 Opening net debt from the key performance indicators, printed page 142. Printed page 109.

Exhibit 4

Both construction objects run to Fiscal 2029 as stated

Deployment schedule certified by Manohar Chowdhry & Associates, Statutory Auditor, certificate dated 16 October 2025. The band is the observed slippage distribution for inter state transmission, not a construction forecast.

Stated deployment windowmedian, plus 7 monthscost weighted, plus 13.7 months90th percentile, plus 32 months
2026202720282029203020312032Chennai 02, tower B, completi…stated Apr 2026 to Mar 2029Nov 2031 at the 90th percentileRabale, towers 11 and 12, set…stated Apr 2026 to Mar 2029Nov 2031 at the 90th percentileRepayment or prepayment of bo…stated Apr 2026 to Mar 2027Nov 2029 at the 90th percentile
The slippage band drawn against this schedule comes from inter state transmission projects, not from data centre construction. It is not a forecast of how late these towers will be. It is the delay distribution of the grid connections a campus depends on, and this same document describes an on site 230 kV substation at Chennai 02 on printed page 111. The field is required by the schema so the caveat cannot be dropped from the page without failing the build.

Source: Sify Infinit Spaces DRHP, proposed schedule of implementation and deployment of Net Proceeds, printed page 109 Printed page 109.

What the schedule commits to

Fiscal 2027

9,750

Chennai 02 1,150 · Rabale 2,600 · Repayment or prepayment of borrowings 6,000

Fiscal 2028

6,000

Chennai 02 2,500 · Rabale 3,500

Fiscal 2029

3,500

Chennai 02 1,000 · Rabale 2,500

The schedule is certified by the statutory auditor rather than offered as a management projection, which makes it a firmer claim than most forward looking disclosure and worth drawing exactly as stated.