Reliance MediaWorks, a part of Anil Ambani-led Reliance group, today said it is planning a rights issue of equity shares for which its board will meet on May 28 to consider the proposal.
In a filing to the Bombay Stock Exchange (BSE), the company said its board of directors will also consider and approve audited financial results for the year ended March 31, 2011.
"The meeting of board of directors will be held on May 28, 2011, to consider the issue of equity shares of the company to the shareholders of the company on rights basis," the filing said.
Rights issue is an option for a company to raise additional capital by issuing new shares to the existing shareholders.
When contacted Reliance MediaWorks spokesperson declined to share details, stating it will be announced only after the board meeting.
The company scrip closed at Rs 122.35, down 2.28% from the previous close on the BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app