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MUMBAI:
Nimbus Communications, the parent company of Neo Sports Broadcasting,
will issue preferential shares to its existing investors,
including 3i, Oman Investment Fund (OIF) and Cisco, to raise
Rs 2.59 billion to fund its expansion plans.
The
company plans to ramp up its sports programming content and
launch two niche channels in the last quarter of 2009. Nimbus
holds the four-year telecast rights of India cricket till
31 March 2010.
"We
will use the funds to create a programming and telecast rights
corpus. We are also launching two niche channels in the last
quarter of 2009, but they will not be in the sports genre,"
says Nimbus founder-promoter Harish Thawani.
Neo
Sports Broadcasting has got the FIPB (foreign investment promotion
board) clearance for this purpose. "The preferential
shares will be issued to the existing investors. We are finalising
a business plan for the niche channels and will be ready with
the exact detailing soon," says Thawani.
Nimbus
had, in January 2007, attracted an investment of Rs 5.52 billion
(approx $125 million) from 3i, Cisco and Oman Investment Fund
(OIF). Prior to this, 3i had invested $45 million in Nimbus.
The
FIPB has also cleared the path for Broadband Pacenet, a Mumbai-based
broadband services provider, to induct a 74 per cent foreign
equity partner for Rs 173.3 million. UK-based Ashmore Investment
Management is picking up a 74 per cent stake in the company.
Ashmore already holds 49 per cent in Digicable Network, a
cable TV company from the Broadband Pacenet promoters.
"Ashmore
will be taking a 74 per cent stake in Broadband Pacenet,"
says Jagjit Kohli, one of the founder-promoters.
The
others who have obtained FIPB clearance are United Home Entertainment,
Aastha Broadcasting Network and Asianet Infrastructure. United
Home Entertainment, which operates the Hungama kids channel,
was bought out by Walt Disney at an enterprise valuation of
$30.5 million.
Aastha
had applied for regularisation of equity held by NRI by way
of acquisition from the open market and further induction
of foreign equity. The fund flow would involve Rs 25 million.
Asianet Infrastructure, a company engaged in teleport activity,
has got the nod for a fund inflow of Rs 6.3 million for transfer
of fully paid equity shares from resident to non resident.
Also
Read:
Neo
Sports CEO Shashi Kalathil resigns
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