Reliance MediaWorks (RMW) on Wednesday said its board has approved raising up to Rs 600 crore by way of rights issue to “substantially reduce the debt” of the company. The funds raised through rights issue would be utilised, inter alia, for substantially reducing the debt of the company, it added. The company's current liabilities stood at Rs 2,317.31 crore as of March 31, 2012. Last week, the company had said it will raise Rs 605 crore from a foreign private equity fund to acquire a substantial minority stake in RMW's Film and Media Services division.
RMW operates three businesses -- film distribution under BIG Cinemas, TV production unit under BIG Synergy, and a film and media services segment. "Over the past three years, RMW has made strategic investments and scaled business operations to become an end-to-end integrated service provider across the entire film and media services value chain," it said. RMW is in the process of subsidiarisation of its exhibition and film and media services divisions, to pursue strategic growth opportunities and expand its business. The subsidiarisation step is aimed at garnering fresh investment in the company's specific business verticals, it said.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.