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)