Viacom18 Media, a media and entertainment firm, is now a direct subsidiary of Reliance Industries (RIL). The change comes after the conversion of over 24.61 crore compulsorily convertible preference shares (CCPS) into an equal number of equity shares.
On December 30, Reliance Industries converted 24,61,33,682 CCPS into an equal number of equity shares, following shareholder approval from Network18. Previously, Viacom18 operated as a material subsidiary of Network18 Media & Investments, which is part of the Reliance Industries group.
In a regulatory filing, RIL stated, “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”.
As mentioned in the disclosure from November 14, 2024, Reliance Industries owned a 70.49% stake in Viacom18 Media on a fully diluted basis. The filing also detailed the inclusion of 5.57 crore equity shares and 24.61 crore CCPS.
After the conversion, RIL confirmed that Network18 no longer holds control over Viacom18, as stated in the filing, “After this conversion, the company holds 83.88 percent of Viacom18’s total equity share capital and continues to hold 70.49 percent on a fully diluted basis”.
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