ENIL to raise Rs 500cr for OOH media push

Times Group's Entertainment Network India (ENIL) today said its wholly-owned subsidiary, Times Innovative Media (TIM), will transfer its event management business to a proposed new subsidiary Alternate Brand Solutions (ABS), and also raise Rs 500 crore for funding its marketing activities.

According to an official release issued by ENIL to the BSE today, its board has approved the transfer of the company's event management arm, 360 degrees, to ABS.

TIM has recently bagged a long term contract for advertisement marketing rights on the DND Flyway, New Delhi. Recognising the strong long term potential of the Out of Home (OOH) media business and the attendant capital requirements, the board of TIM approved raising of capital of up to Rs 500 crore, the release said.

ENIL owns FM radio channel Radio Mirchi.