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India's Reliance Mediaworks gets approval to raise upto $107 mln
July 25, 2012 / 7:37 AM / 5 years ago

India's Reliance Mediaworks gets approval to raise upto $107 mln

MUMBAI, July 25 (Reuters) - India’s Reliance Mediaworks , controlled by billionaire Anil Ambani, has received board approval to raise upto 6 billion rupees ($106.83 million) through a rights issue as it looks to pare debt.

The pricing and timing of the issue will be decided in the coming days, the company said in a statement to Reuters.

Last week, the company, with a market capitalisation of about $48.7 million, said it will raise about 6 billion rupees ($109.7 million) from a foreign private equity fund.

Reliance Mediaworks has three main businesses - a theatre distribution operation under BIG Cinemas, a TV production unit under BIG Synergy, and a film and media services segment. ($1 = 56.1650 Indian rupees) (Reporting by Nandita Bose; Editing by Swati Pandey)

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