Comments
The Anil-Ambani controlled Reliance Mediaworks jumped 8.6 per cent on the BSE after it informed the exchanges that it has agreed to raise Rs 605 crore from a foreign private equity fund.
After opening at a high of Rs 66, the stock is trading (10.45 a.m. IST) at Rs 64 against the previous day's close of Rs 58.95, even as the BSE Sensex slipped 48 points.
Reliance Mediaworks announced that it has signed a term-sheet agreement with a ‘leading’ international private equity fund to raise Rs 605 crore. However, the company did not disclose the strategic investor’s name.
“The proposed investment is subject to completion of customary details such as due-diligence, definitive documentation, completion of subsidiarisation of the film and media services business, and approvals as may be necessary,” said the company statement.
The company posted a loss of Rs 114.23 crore for the financial year 2012 on a revenue of Rs 95.93 crore.
At the end of March 2012, the promoters’ holding stood at 63.15 per cent.
Reliance MediaWorks operates BIG Cinemas with over 550 screens spread across India, the US, Malaysia, Nepal and the Netherlands. Besides, it has a presence in film services — motion picture processing and film restoration and image enhancement.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.