New Delhi: Reliance MediaWorks (RMW) on Wednesday announced signing of an agreement with an international rivate equity firm for funding of Rs 605 crore for its film and media services division.

Under the terms of the pact, "the potential investor has provided an indicative non-binding proposal to acquire a substantial minority stake in Reliance MediaWorks' Film and Media Services division for an investment of Rs 605 crore," RMW said in a statement.

The investor's name, however, was not disclosed.

The two parties have agreed to exclusivity for the next 90 days. The proposed investment is subject to completion of customary detailed due-diligence, definitive documentation, completion of subsidiarisation of the film and media services business, and approvals as may be necessary, it added.

Shares of RMW were trading at Rs 64 apiece, up 8.57 percent from its previous close on the BSE.

RMW undertakes work like motion picture processing, audio restoration and image enhancement, 3D and digital mastering, among others.

It also operates BIG Cinemas, which has with over 490 screens across India, the US, Malaysia and Nepal as well as a television joint venture, BIG Synergy.

(Agencies)

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