MUMBAI: Anil Ambani group company Reliance MediaWorks is planning to raise funds up to Rs 5 billion (Rs 500 crore) by private placement of shares with potential investors.

The company at its annual general meeting held have received an approval from the shareholders to raise the sum through qualified institutional placement (QIP).

"A shareholders’ approval is mandatory – and has been taken in advance, in case we propose to place a QIP anytime in this year," the company said in a statement.

Last year, the company had passed a similar enabling resolution for QIP placement upto 25 per cent of the issued and paid up capital.