Reliance MediaWorks to raise Rs500 cr via QIP

Reliance MediaWorks to raise Rs500 cr via QIP

New Delhi: Anil Ambani group firm Reliance MediaWorks on Tuesday said it will raise funds up to Rs500 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 up to Rs500 crore through qualified institutional placement, Reliance MediaWorks said in a filing to the Bombay Stock Exchange.

“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% of the issued and paid up capital.

Besides, the shareholders have also approved the appointment of Anil Sekhri and Gautam Doshi and Ajay Prasad as director on the board of the company.

Shares of Reliance MediaWorks settled at 190.30 on the BSE, down 1.30% from the previous close.