Viacom18 now wholly-owned subsidiary of Reliance; RIL holds 83.88% of equity

Viacom18 Media has become a direct subsidiary of Reliance Industries Ltd (RIL). Prior to this development, Viacom18 was a material subsidiary of Network18 Media & Investments Limited, and RIL was holding 70.49% stake in Viacom18. This comprised 55,727,821 equity shares and 246,133,682 compulsorily convertible preference shares (CCPS).

Pursuant to the approval granted by the shareholders of Network18 under Regulation 24(5) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, on December 30, 2024 RIL converted the 2,461,33,682 CCPS into 246,133,682 equity shares. Post this conversion, RIL holds 83.88% of the total equity share capital of Viacom18 and continues to hold 70.49% on a fully diluted basis.

In a filing to the bourses, RIL stated, “Consequently, Viacom18 has become a subsidiary of the company effective December 30, 2024 and has ceased to be the subsidiary of Network18, and Network18 has ceased to exercise control over Viacom18.”

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