Reliance MediaWorks was locked in 20% upper circuit at Rs 66.30, after Anil Ambani promoted company announced restructuring of its business under two divisions—film and media services and exhibition.
“Venkatesh Roddam and Ashok Ganapathy have been appointed as chief executive officers (CEOs) in the film and media services and exhibition divisions, respectively, to enhance the independent focus on each operating division, and thereby enhance revenues and profitability,” Reliance MediaWorks said in a filing.
Reliance MediaWorks had recently announced signing of a pact with an international private equity firm for a funding of Rs 605 crore for its film and media services division. It has also filed documents with market regulator Securities and Exchange Board of India (Sebi) for raising up to Rs 600 crore by way of rights issue to existing equity shareholders to “substantially reduce the debt”.
The stock opened at Rs 56 and hit a low of Rs 55.50 on the NSE. A combined 1.85 million shares have already changed hands on the counter so far, against an average around 300,000 shares that were traded daily in past two weeks. There are pending buy orders for 246,822 shares on the NSE and BSE.
