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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