Reliance MediaWorks board approves Rs5 billion rights issue

The board of film and entertainment company Reliance MediaWorks has approved raising up to Rs5 billion ($111 million) through a rights equity issue, the company said.                                           

The timing, pricing and other details would be announced later, Reliance MediaWorks said in a statement to the stock exchanges late on Saturday. Reliance MediaWorks, controlled by Indian billionaire Anil Ambani, operates cinemas, film and media services and television production.