Anil Ambani-owned Reliance MediaWorks (RMW), which runs Big Cinemas movie halls and movie production house Big Synergy, will raise $110 million (R605 crore) by selling a minority stake to an international private equity fund to pare debt and expand, the company said on Wednesday without naming the investor.
“We have signed an exclusivity 90-day term-sheet agreement to sell a substantial minority stake in the company’s film and media services division,” the company said in a release.
RMW shares rose 5.5% to close at R62.20 on the Bombay Stock Exchange.
“The proposed investment is subject to completion of customary detailed due-diligence, definitive documentation, completion of subsidiarisation of the film and media services business, and approvals as may be necessary.”
