Goldman, Lehman buy into TIM
Times Innovative Media Limited (TIM) on Wednesday announced that Goldman Sachs and Lehman Brothers have subscribed to equity shares of TIM for Rs 200 crore.
By TNN |
MUMBAI: Times Innovative Media Limited (TIM), the Out Of Home media subsidiary of Entertainment Network India Limited (ENIL) on Wednesday announced that Goldman Sachs and Lehman Brothers have subscribed to equity shares of TIM for Rs 200 crore. This deal values TIM at over Rs 1,200 crore. Goldman Sachs and Lehman Brothers now hold an equity stake of 8.28% each in TIM, a release from ENIL said.
Commenting on the investment, AP Parigi, 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 this capital infusion coupled with the pedigree and the expertise of our financial partners will significantly elevate the profile of 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.
NM Rothschild & Sons (India) Private Limited advised the company on valuation.
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 firm’s strong global platform, infrastructure, and expertise.
TIM is India’s leading player in the Out of Home media category. TIM operates under the brand name ‘Times OOH’ and has a wide set of Out of Home media properties across the key Indian cities.
Commenting on the investment, AP Parigi, 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 this capital infusion coupled with the pedigree and the expertise of our financial partners will significantly elevate the profile of 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.
NM Rothschild & Sons (India) Private Limited advised the company on valuation.
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 firm’s strong global platform, infrastructure, and expertise.
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TIM is India’s leading player in the Out of Home media category. TIM operates under the brand name ‘Times OOH’ and has a wide set of Out of Home media properties across the key Indian cities.
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