Anil Dhirubhai Ambani Group’s Reliance MediaWorks (previously Adlabs Films) has inked a non-binding term sheet and entered into negotiation and due diligence process with an International private equity fund to raise Rs 605 crore in exchange for a substantial minority stake in Reliance MediaWorks's Film and Media Services division. This follows a rights issue in May last year, which allowed the company to raise an amount up to Rs 500 crore (US $ 111 million) by offering equity shares to the Company’s shareholders. According to the company statement, Reliance MediaWorks has agreed for a 90 day exclusivity with the potential investor and the proposed investment is subject to the completion of the company's business restructuring of its film and media services business and necessary approvals along with detailed due-diligence and documentation. Reliance MediaWorks plans to use the proposed investment to pay debt and expand its…
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