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
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.
