MUMBAI: Reliance MediaWorks, a leading film and entertainment company, plans to raise up to Rs 5 billion by private placement of shares with investors.

The Anil Ambani group firm has received approval from shareholders to raise the amount through qualified institutional placement.

"A shareholders‘ approval is mandatory - and has been taken in advance, in case we propose to place a QIP anytime in this year," the company said in a statement.

The company had approved a similar enabling resolution for QIP placement up to 25 per cent of the issued and paid up capital.

Reliance MediaWorks has also approved the appointment of Anil Sekhri, Gautam Doshi and Ajay Prasad as Director on the board of the company.