ENIL sells Times OOH stake to Bennett, Coleman

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).