Times Innovative Media Limited (‘TIM’) the Out of Home media subsidiary of Entertainment Network India Limited (‘ENIL’) is pleased to announce that GS Strategic Investments Limited (“Goldman Sachs”) and LB India Holdings Mauritius II Limited (“Lehman Brothers”) have subscribed to equity shares of TIM for an aggregate consideration of Rs. 200 crores. The deal, which was concluded today, values TIM at over Rs. 1,200 crores. Goldman Sachs and Lehman Brothers have an equity stake of 8.28% each in TIM.

Goldman Sachs is a leading global investment banking, securities and investment management firm which provides a wide range of services worldwide to a substantial and diversified client base that includes corporations, financial institutions, governments and high net worth individuals.

Founded in 1850, Lehman Brothers, an innovator in global finance, maintains leadership positions in investment banking, private equity, equity and fixed income sales, trading and research, private investment management, and asset management worldwide. The Lehman Brothers India franchise has expanded into a full-scale local business leveraging the Firm’s strong global platform, infrastructure, and expertise.

Commenting on the investment, Mr. A P Parigi, the Managing Director of 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.”

N M Rothschild & Sons (India) Private Limited advised the Company on valuation.

Sourced From: Adfactors Public Relations Pvt Ltd

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