Reliance MediaWorks to raise upto Rs 500 crore via Right Issue

Reliance MediaWorks has received an approval for raising an amount not exceeding Rs 500 crore by way of rights offer of equity shares to the company's shareholders, subject to necessary sanctions, approvals and applicable provisions of law. The company has received an approval for the same at its board meeting held on May 28, 2011.

Further, the Company’s board of directors has empowered its committee to decide upon the terms and conditions including the price, share entitlement ratio, timing and other details and modalities for the rights issue and the same shall be informed in due course.

Recently, Reliance Mediaworks had entered into collaboration with US-based Thought Equity Motion (TEM), a leading provider of video platform and footage licensing services, to offer integrated solutions to media companies.

Reliance MediaWorks is India’s fastest growing film and entertainment services company. It operates BIG Cinemas, the largest cinema chain of the country with over 525 screens spread across India, US, Malaysia, Nepal and Netherlands.