Times Innovative Media Limited (TIM), the Out Of Home media subsidiary of Entertainment Network India Limited (ENIL), announced that GS Strategic Investments (Goldman Sachs) and LB India Holdings Mauritius II (Lehman Brothers) have subscribed to equity shares of TIM for a total of Rs 200 crore.
The deal, which was concluded on Wednesday, values TIM at over Rs 1,200 crore. Goldman Sachs and Lehman Brothers have an equity stake of 8.28% each in TIM.
A P Parigi, managing director, ENIL, said, “The out of home media sector is expected to benefit immensely from the strong growth potential presented by the Indian economy.”
“Times OOH is in an exciting phase and expects to be at the forefront of several initiatives in the Indian out of home media sector. We believe that this capital infusion coupled with the pedigree and the expertise of our financial partners will significantly elevate the profile of TIM,” he added.
N M Rothschild & Sons (India) — a private company — advised the company on the valuation factor.
Source: Times of India