ENIL sells Times OOH stake to Bennett, Coleman
12 Jul 2010
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Entertainment Network India Ltd (ENIL) has sold its entire stake in Times OOH, the outdoor arm of Times Innovative Media to Bennett, Coleman & Co Ltd (BCCL) after a collective decision by its board members.
ENIL is beleived to have sold its entire 83.4-per cent stake to raise funds for phase 3 of radio licensing to boost its radio business.
BCCL, which has cross-holding of 71 per cent in ENIL, will handle Times OOH's investment commitments of Rs70 crore, financial guarantee obligations of Rs31-32 crore and Rs42.5 crore of ENIL's debt to Times OOH as part of the sellout.
ENIL also owns event management company, Alternate Brand Solutions (India) Limited (ABSIL).
