Reliance Industries Limited (RIL), based in Mumbai, India, announced on December 31, 2024, that Viacom18 Media Private Limited (“Viacom18”) has become its subsidiary. This change follows the conversion of 24,61,33,682 compulsorily convertible preference shares (CCPS) into equity shares on December 30, 2024.
Before the conversion, Reliance held 70.49% of Viacom18 on a fully diluted basis, comprising 5,57,27,821 equity shares and 24,61,33,682 CCPS. Post-conversion, Reliance now owns 83.88% of Viacom18’s total equity share capital while maintaining its 70.49% stake on a fully diluted basis. Viacom18 was previously a subsidiary of Network18 Media & Investments Limited (“Network18”).
The conversion, approved by Network18’s shareholders, resulted in Viacom18 no longer being a subsidiary of Network18. Reliance was officially notified of the allotment of equity shares by Viacom18 at 7:46 p.m. on December 30, 2024.
