Reliance Mediaworks, controlled by billionaire Anil Ambani, shot up on the bourses today after it agreed to raise Rs 605 crore from a foreign private equity fund.
Shares of the company are trading 9.5 percent higher at Rs 64.25 while the BSE Sensex is trading 27 points lower at 17076 levels.
“We have signed a term-sheet agreement…to sell a substantial minority stake in the company’s film and media services division,” said the source, without giving further details about the foreign investor.
