Reliance MediaWorks to raise Rs 5 billion

MUMBAI: The Board of Reliance MediaWorks Ltd approved raising an amount upto Rs 5 billion (Rs 500 crore) by way of rights offer of equity shares to the company’s shareholders, subject to necessary sanctions and applicable provisions of law.

Reliance MediaWorks has made strategic investments and scaled business operations to become a unique end to end integrated service provider across the entire film and media services value chain.

The recently created infrastructure includes: Worldwide BIG Cinemas screen count of over 550 screens by April 2011 and the company will further add 60 screens in the next financial year; Reliance MediaWorks established a 1200 member Media BPO which offers content processing, image enhancement and restoration services, VFX and 2D to 3D conversion services. The facility would be further expanded by 500 seats in the next financial year.

Additionally, Reliance MediaWorks launched first phase of India’s largest Hollywood Benchmarked Studios, which comprises eight sound stages spread across 200,000 sq.ft within Film City, Mumbai. Phase 2 and 3 of the RMW Studios would be commissioned during the next financial year.

Reliance MediaWorks is also setting up post-production facilities for broadcast shows and television commercials.

The funds raised through Rights Issue would be utilized, inter alia, for substantially reducing the debt of the company, incurred for creating the asset base.

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