Scripscan:Reliance MediaWorks Ltd
cmp:85
Code:532399
Story:Film and entertainment services company Reliance MediaWorks (RMW) is mulling to restructure its businesses by creating separate arms for exhibition, and film and media services divisions.This strategic structuring initiative will enable the company to effectively pursue the best business opportunities available to each operating unit independently.It will also enable it to remain well positioned and appropriately structured for sustainable, long-term growth.In the film exhibition space, RMW operates 530 screens under BIG Cinemas brand in India, USA, Malaysia, Nepal and the Netherlands.The firm's media services business includes digital post production facilities and studios for feature films and television.RMW has 51% stake in the television production division, BIG Synergy and the rest with Synergy Media.Reliance MediaWorks has received board approval for raising an amount upto Rs 500 crore by way of rights offer of equity shares to the company's shareholders and the process is underway.The funds raised through rights issue would be utilised, inter alia, for substantially reducing the debt of the company, incurred for creating the asset base.Though the sales of the company has grown 5 times from 111crs in fy06 to 528crs in fy11 but there's been a net loss of 256crs.Plan to have it in portfolio only after it narrows its losses.
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