Reliance MediaWorks mulls rights issue

8220;The meeting of board of directors will be held on May 28,2011,to consider the issue of equity shares of the company to the shareholders of the company on rights basis,8221; the filing said.

Rights issue is an option for a company to raise additional capital by issuing new shares to the existing shareholders.

When contacted Reliance MediaWorks spokesperson declined to share details,stating it will be announced only after the board meeting.

The company scrip closed at Rs 122.35 per share,down 2.28 per cent from the previous close on the Bombay Stock Exchange.