Viacom18 Media becomes direct subsidiary of Reliance Industries
The Hindu
Viacom18 Media now a direct subsidiary of Reliance Industries after conversion of 24.61 crore CCPS into equity shares.
Viacom18 Media, a leading media and entertainment company, has become a direct subsidiary of Reliance Industries following the conversion of over 24.61 crore compulsorily convertible preference shares (CCPS) into an equivalent number of equity shares.
Earlier, Viacom18Media was a material subsidiary of Network18 Media & Investments Ltd, a subsidiary of Reliance Industries Ltd (RIL).
On December 30, billionaire Mukesh Ambani-led RIL converted 24,61,33,682 CCPS into the equivalent of a share, following approval granted by the shareholders of Network18.
"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.
Earlier, RIL was holding a 70.49 per cent stake in Viacom18 Media on a fully diluted basis.
"This comprised 5,57,27,821 equity shares and 24,61,33,682 CCPS. Viacom18 was a material subsidiary of Network18 Media & Investments Limited ('Network18')," it said.
Following this conversion, Network18 ceases to exercise control over Viacom18, said RIL.
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