Reliance MediaWorks logs quarter loss

On a standalone basis, the company's net loss stood at Rs 178.40 crore in the July-September quarter against a loss of Rs 89.79 crore in the same quarter of 2011.

Total income, on standalone basis, was at Rs 141.75 crore in the reported quarter from Rs 148.84 crore in April-June 2011 quarter.

Reliance MediaWorks' board had earlier this year approved raising up to Rs 600 crore through rights issue to "substantially reduce the debt" of the company. The company's current liabilities stood at Rs 2,088.52 crore as of September 30, 2012.

The company is also raising about Rs 605 crore from a foreign private equity fund by selling a substantial minority stake in its Film and Media Services division.

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