“Consequently, Viacom18 has become a subsidiary of the Company effective December 30, 2024, and has ceased to be a subsidiary of Network18. The Company received intimation of allotment of equity shares from Viacom18 on December 30, 2024,” said RIL in a regulatory filing.
Viacom18 Media Private Limited has finally become a subsidiary of Mukesh Ambani-led Reliance Industries Limited effective December 30, 2024. The development took place after 24,61,33,682 compulsorily convertible preference shares (CCPS) into an equivalent number of equity shares.
Previously, Viacom 18 Media had been a subsidiary of Network18 Media & Investments Ltd, a subsidiary of Reliance Industries Ltd (RIL).
According to a disclosure dated November 14, 2024, the company held 70. 49% stake in Viacom 18 on a fully diluted basis.
“Consequently, Viacom18 has become a subsidiary of the Company effective December 30, 2024, and has ceased to be a subsidiary of Network18. The Company received intimation of allotment of equity shares from Viacom18 on December 30, 2024,” said RIL in a regulatory filing.
“This comprised 5,57,27,821 equity shares and 24,61,33,682 compulsorily convertible preference shares (‘CCPS’). Viacom18 was a material subsidiary of Network18 Media & Investments Limited (‘Network18’),” it said.
On December 30, billionaire Mukesh Ambani-led RIL converted 24,61,33,682 CCPS into equivalent shares, making it a direct subsidiary.