Hindi
Reliance MediaWorks fails to get consent of all lenders for restructuring
Mumbai: Reliance MediaWorks Ltd, an R-ADAG group company, has failed to obtain consent from all its lenders for restructuring its businesses into separate subsidiary companies.
Consent from all the lenders is critical for the company to be able to receive Rs 6.05 billion in private equity investment to wriggle out of a financial mess caused by crippling losses and high indebtedness.
The company has not disclosed the name of the private equity firm with whom it has signed an indicative non-binding term-sheet. A newspaper had last month reported that the firm which has agreed to invest in Reliance MediaWorks is L Capital, the world‘s biggest luxury company LVMH‘s private equity arm.
“We have not received consents for transferring our film and media services and theatrical exhibition business to our subsidiaries from some of our lenders,” Reliance MediaWorks said in the draft prospectus it has filed for a rights issue to raise another Rs 600 crore.
The shareholders of the company had approved transferring of its film and media services and theatrical exhibition business to wholly-owned subsidiaries on February 21, 2012.
The company‘s net worth has been fully eroded. It had a negative net worth of Rs 2.39 billion as on March 31, 2012, after the company reported a loss of Rs 5.72 billion in the year ended March 31, 2012.
Reliance MediaWorks had total borrowings of Rs 16.63 billion against total shareholder funds of Rs 378.11 million.
The lenders of Reliance MediaWorks include Magma Fin Corp Ltd, Barclays Bank PLC, Allahabad Bank, Export Import Bank, Jammu & Kashmir Bank, Syndicate Bank, Union Bank of India, Vijaya Bank and Union Bank of India.
The biggest lender to Reliance MediaWorks is its promoter Reliance Capital with loans of Rs 8.69 billion outstanding as on June 30, 2012.
Reliance has not disclosed which of the lenders have not given their consent to the company for transferring its film and media services to a subsidiary.
As part of the process of restructuring, Reliance MediaWorks has already separated its businesses into two divisions – film and media services, and film exhibition. It has appointed Venkatesh Roddam as the CEO of the Film and Media Services division and Ashok Ganapathy as the CEO of the Exhibition division.
In terms of the financing agreements with the lenders, Reliance Mediaworks is required to obtain their prior consent for, amongst other things, transferring its business.
The consents received from some lenders are also subject to strict conditions. The key condition is that Reliance MediaWorks obtains necessary approval from all the lenders. The other conditions include: there should be no material change to the security offered to the lenders and the assets transferred should continue to secure the exposure; the relevant subsidiaries should ensure sufficient cash flows to meet the repayment obligations; and the company should continue to comply with the terms and conditions of the financing documents.
Hindi
Dhurandhar returns to theatres worldwide on March 13 ahead of Dhurandhar The Revenge release
Jio Studios re-releases blockbuster across 500 screens globally before sequel
MUMBAI: The spy saga of Dhurandhar is gearing up for a big-screen encore before its next chapter arrives.
Ahead of the release of Dhurandhar The Revenge on March 19, Jio Studios and B62 Studios are bringing the original Dhurandhar back to cinemas worldwide in a rare international theatrical re-release.
The global blockbuster is returning across nearly 500 screens, including around 250 in India from March 12 and another 250 overseas beginning March 13.
For fans of the franchise, the move offers a chance to revisit the film that ignited the high-octane spy-action universe just days before the sequel lands in theatres. It also sets up a rare back-to-back big-screen experience, allowing audiences to relive the original before diving straight into the next chapter.
While re-releases of popular films are occasionally seen in India, international re-runs of Hindi films remain uncommon. The scale of the rollout reflects the growing global appetite for the franchise.
In North America alone, Dhurandhar will return to theatres across nearly 185 screens, highlighting the strong anticipation surrounding the upcoming sequel.
The excitement is set to build further with special Wednesday premiere shows of Dhurandhar The Revenge scheduled across the US and Canada on March 18, a day ahead of its global release. Many of these premieres will be hosted on premium large format screens, featuring wall-to-wall displays, immersive sound systems such as Dolby Atmos, enhanced projection and luxury seating.
These formats are typically reserved for major Hollywood event films, and early bookings suggest strong demand with several shows already sold out.
The recently released trailer of Dhurandhar The Revenge has also sparked buzz among exhibitors and trade circles, with expectations running high for the film’s international performance.
Dhurandhar The Revenge is written, directed and produced by Aditya Dhar. The film is produced by Jyoti Deshpande and Lokesh Dhar.
Jio Studios presents a B62 Studios production, an Aditya Dhar film.
The spy-action thriller will release worldwide on March 19, 2026, in five languages including Hindi, Tamil, Telugu, Malayalam and Kannada.
The film arrives in theatres globally on the occasion of Gudi Padwa and Ugadi, just ahead of Eid, setting the stage for a festive box office run.
