New Delhi: Broadcaster Nimbus Communications, which operates sports channel Neo Sports, plans to tap the capital market in 2008 to fund its expansion plans.
Confirming the plans, a company spokesperson told PTI that preliminary meetings to obtain advice for a possible IPO in 2008 were held.
“Nothing has been firmed up yet, shareholders will decide about this later this year,” the spokesperson said.
However, the spokesperson refused to comment on any further details on the proposed IPO, including the reported size of Rs300 crore.
Some media reports had said that Nimbus was in talks with merchant bankers for its maiden public issue, the proceeds from which are planned to be utilised for its foray into video-on-demand and Internet protocol television services besides launching an entertainment channel.
Nimbus currently holds BCCI telecast rights for matches to be played in India between 2006 and 2010.
Earlier this year, Nimbus had received private equity investment worth Rs552 crore from three foreign private equity investors — 3i, Cisco and Oman International Fund.