Mumbai: Reliance MediaWorks Ltd., the media and entertainment arm of the Anil Ambani-led Reliance Group, has raised around Rs588 crore by selling shares to existing stockholders.

In a stock market filing on Monday, the company said that it had sold about 147 million shares at Rs40 apiece.

The rights issue had opened on 6 August and was to close on 20 August. It was extended till 4 September by the company.

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