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.

NRI Harish Fabiani of Spain is picking up
48% equity in Americorp Capital.

NEW DELHI, AUGUST 25, 2004
TIMES NEWS NETWORK
SANJEEV SHARMA & VIVEK SINHA

Transatlantic Corporation of Madrid-based NRI investor Harish Fabiani, is picking up 48% equity in Americorp Capital.

While part of the equity stake is being pooled in by conversion of existing external commercial borrowings (ECBs) from Transatlantic into equity, the rest will come through the allotment of fresh shares for a consideration of Rs 13.6 crore.

Americorp is issuing 5,590 equity shares of Rs 10 each at a premium of Rs 24,460 per share to Transatlantic Corporation, Mauritius. In addition, Americorp is converting ECBs worth Rs 9.4 crore received from Transatlantic into equity shares, again at a premium of Rs 24,460 per share.

This will aggregate to 48% of the proposed paid-up capital of the company. Americorp has NRI equity of 39.8% (with 20.5% in the proposed paid-up capital of the company) through the automatic route of RBI.

Americorp’s main objective is to carry on the business of consultancy and technical advice in the field of data processing and information technology, and the related BPO field, along with striking strategic alliances with any company by making capital investments either in India or abroad.

Transatlantic Corporation has a 15.7% equity stake in its existing joint venture with Indiabulls Financial Services — engaged in the activities of an NBFC — and a no objection certificate from Indiabulls has been furnished to that effect.

The foreign investment promotion board (FIPB) has given its green signal to the proposal on the condition that Sebi/RBI pricing norms are adhered to and that the provisions of Press Note 9 would apply

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By Suresh Gupta
NRI press

ARMED with a Diploma in Engineering from PUSA, Harish Fabiani ventured to start eComServer, an eBusiness Solution Provider that focuses on providing solutions in B2B eCommerce and CRM areas. Strategic partnerships with key companies in the industry have provided robust, scaleable, fault-tolerant B2B eCommerce Solutions.

Established in 1998 with an employee size of over 200 people, eComServer with offices in New Jersey, Spain, and India was an emerging technology leader in building customer-centric eCommerce and customer-contact solutions and products.

An investment of IRs.1000 crore in 1999, and IRs 500 crore in 2000 had given him positivereturns and has made eComServer a name to reckon with.Mr. Fabiani's views on the Indian market and manpower potential was shared with Pratibha Gadhalay . Harish and Kamal Fabiani promoted an online commodities trading exchange with investments of up to $10 million.