NRI Harish
Fabiani of Spain
Transatlantic to sell 10.57% in Nimbus for Rs 30 crore
NEW DELHI, APRIL 15, 2005
TIMES NEWS NETWORK
Transatlantic Corp is selling its 10.57% equity stake
in Nimbus Communications to Americorp Ventures for Rs
30 crore.
The transaction will lead to a change in the nature
of foreign equity holding of the media and communications
company as the shares will change hands from an overseas
corporate body to a Mauritius-based foreign company.
Nimbus Communications is engaged in the business of
media and entertainment, including advertising, publicity,
marketing consultancy, research, entertainment through
various formats music, dance, drama, movie, television
media and mass communication.
Transatlantic Corporation, which is also based in Mauritius,
currently owns 42.85 lakh shares in Nimbus, which were
acquired through foreign inward remittance under the
automatic route of FDI policy.
Sources informed ET that Transatlantic, an OCB owned
by Madrid-based NRI Harish Fabiani, is selling the entire
lot to Americorp, a company incorporated in Mauritius
and registered as a foreign venture capital investor.
The promoters and other investors, which include the
employees and other shareholders, will maintain their
equity holding as of now. It is learnt that Americorp
had entered into a share purchase agreement with Transatlantic
in February.
Nimbus Communications, which was incorporated in 1987
by Harish Thawani, who has now moved out of the country
to give a more international direction to the business,
came into prominence with cricket rights and had also
bagged the contract for the last cricket World Cup in
2003, apart from its television content production.
Having engaged itself in different areas of media and
entertainment, including sports, television content,
movie production etc, Nimbus has set itself a target
of becoming a $1-billion company by 2010.
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