Mumbai, May 30 (IANS): Reliance MediaWorks, the film and media services firm of the Anil Dhirubhai Ambani Group (ADAG), has reported a 12.6 percent increase in its total income for the fiscal ended March 31 at Rs.524.9 crore.

The company had Rs.466.33 crore total income during the like period of the previous fiscal, it said in a regulatory filing late Saturday evening.

The firm also approved raising up to Rs.500 crore ($111 million) through a rights equity issue.

"The funds raised through rights issue will be utilised, inter alia, for substantially reducing the debt of the company," it said in the statement.

"The board of directors have empowered its committee to decide upon the terms and conditions including the price, share entitlement ratio, timing and other details of the rights issue," it added.

Reliance MediaWorks operates Big Cinemas with over 550 screens spread across India, the US, the Netherlands and Malaysia and Nepal, it also has a television venture -- Big Synergy.