Reliance MediaWorks to raise Rs 5 bn via rights issue

MUMBAI: Reliance MediaWorks (RMWL) plans to raise Rs 5 billion via rights issue as it seeks to cut down on its debt.

The board today has empowered its committee to decide upon the terms and conditions including the price, share entitlement ratio, timing and other details and modalities for the rights issue.

The company said that the funds raised through the rights issue would be utilised for “substantially reducing the debt of the company, incurred for creating the asset base.”

As of 31 March 2011, Big Cinemas, RMWL’s multiplex division, has over 550 screens under its belt worldwide. The company has a 1200 member media BPO which offers different film and media services. RMWL also has studios and production facilities.s

Meanwhile, RMWL has reported a consolidated net loss (after minority interest) of Rs 3.29 billion for the fiscal ended 31 March, as against a net loss of Rs 1.43 billion in the previous fiscal.

Total income saw a 15.19 per cent increase during the fiscal to Rs 8.36 billion (from Rs 7.26 billion). However, expenses also jumped 28.88 per cent to Rs 9.82 billion (from Rs 7.62 billion).

In the theatrical exhibition business segment, RMWL saw operating loss of Rs 1.04 billion, as against a loss of Rs 495.37 million in the previous fiscal. The revenue from the segment stood at Rs 5.47 billion, up from Rs 4.76 billion in the year-ago period.

From film production services segment, the operating profit was at Rs 125.64 million, down from Rs 319.77 million in the prior fiscal. Revenue from the segment was at Rs 2.51 billion, up from Rs 1.65 billion.

TV and film production and distribution segment profit also fell to Rs 115 million, from Rs 401.10 million in the earlier year, while revenue fell to Rs 602.42 million (from Rs 1.11 billion).

For the quarter ended 31 March, the company has reported a net loss of Rs 1.64 billion. It clarified that it is not reflective of the future prospects of the company as Q4 has been exceptionally weak in film releases on account of the cricket World Cup.

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