Reliance makes THIRD cash call
By Patrick Frater
Wed, 25 July 2012, 19:21 PM (HKT)
The board of Reliance MediaWorks has given its approval to the facilities and theatres group's third fund-raising exercise on the year.
In a statement the company said that it has authorised a INR600 billion ($110 million) rights issue to existing shareholders. It did not provide details of price, entitlements or timing. But it said that the proceeds would reduce the company's accumulated debts.
Only last week RMW announced a similar sized cash injection and share sale to an unnamed private equity investor involving the digital facilities operations which have now been relocated in a separate RMW subsidiary company.
Last year the board approved a rights issue that might have brought in $130 million of fresh capital, but financial market conditions and mounting losses made that a difficult proposition. Instead, it raised $57 million in April 2012 through a private placing of preference shares.
Recent News Stories
- Radius reaches out for Man of Tai Chi
- Webber to bring Colour to NZ
- Can India fulfil its film potential?
- India's multiplex maybes
- Fox Star to back Kashyap's Velvet
- Asian trio head for Paris Project
- Mili in Wuhan animation park pact
- Roadshow buys into Irresistible
- Third Window opens for Sake Bomb
- Badges gets worldwide jurisdiction
- Shanghai has action-packed competition
- American Dreams beds down in China
- Shenzhen shorts to travel the world
- Thailand: Good times, bad times
- Malaysia studio set to have regional impact
- Cannes deals update
- Kapadia to shoot Azeri tale
- Filipino festivals show funding flair
- NHK presents the future of film in 8K
- Dubai to host Cinematic Innovation Summit
- Varma promises urgent action
- Media Asia slate sells strongly
- Iceman defrosts at Cannes
- Kashyap to receive French honour
- Seven Stars forms Angel Storm
- So Young enters China's all-time top ten
- Rocket to fire in N America
- Japanese buyers grab Euro titles
- Directors' Fortnight denounces director
- Yen, Yeoh commit to Crouching Tiger prequel
- Bona profits slightly lower
- Why isn't Australia more part of Asian film?
- Pegasus rides with Z Storm
- Tanweer signs Relativity output deal
- Jeffrey Soong: Media Asia's Man on the Move
- Media Asia takes step In The Dark
- EMP to get Best of Yen
- Buyers burning for Firestorm
- Woo to deliver two-part Crossing
- Tokyo festival outlines new direction