India Nimbus gets $125mln from 3i, Cisco, Oman Fund
MUMBAI Jan 22 (Reuters) - India's Nimbus Communications Ltd. said on Monday it had received 5.52 billion rupees ($125 million) from British investment firm 3i Group Plc (III.L), Cisco Systems Inc. (CSCO.O) and Oman International Fund.
The investment is through debentures that will be converted into equity prior to an initial public offering or sale by the Indian broadcaster, it said in a statement.
Nimbus said it would use this third round of funding to acquire sports rights, upgrade technology and expand its broadcast operations.
Euromax Capital and Enam Financial Consultans were advisors on the deal.
3i, Deutsche Bank (DBKGn.DE) and Americorp Ventures already hold stakes in Nimbus, which has the global Indian cricket telecast rights for four years to 2010.
3i had earlier invested $45 million in Nimbus for an undisclosed stake.
Nimbus has launched a 24-hour cricket channel, Neo Sports, and plans to launch two more sports channels. ($1=44.3 rupees)