Reliance MediaWorks board approves $111 mn rights issue

Mumbai: The board of Indian film and entertainment company Reliance MediaWorks has approved raising up to Rs 500 crore ($111 million) through a rights equity issue, the company said.

The timing, pricing and other details would be announced later, Reliance MediaWorks said in a statement to the stock exchanges late on Saturday.

Reliance MediaWorks, controlled by Indian billionaire Anil Ambani, operates cinemas, film and media services and television production.