Viacom18 Media, a media and leisure agency, is now a direct subsidiary of Reliance Industries (RIL). The change comes after the conversion of over 24.61 crore compulsorily convertible desire shares (CCPS) into an equal variety of fairness shares.
On December 30, Reliance Industries transformed 24,61,33,682 CCPS into an equal variety of fairness shares, following shareholder approval from Network18. Beforehand, Viacom18 operated as a fabric subsidiary of Network18 Media & Investments, which is a part of the Reliance Industries group.
In a regulatory submitting, RIL said, “Consequently, Viacom18 has grow to be a subsidiary of the corporate efficient December 30, 2024, and has ceased to be a subsidiary of Network18. The corporate obtained intimation of allotment of fairness shares from Viacom18 on December 30, 2024”.
As talked about within the disclosure from November 14, 2024, Reliance Industries owned a 70.49% stake in Viacom18 Media on a totally diluted foundation. The submitting additionally detailed the inclusion of 5.57 crore fairness shares and 24.61 crore CCPS.
After the conversion, RIL confirmed that Network18 now not holds management over Viacom18, as said within the submitting, “After this conversion, the corporate holds 83.88 % of Viacom18’s whole fairness share capital and continues to carry 70.49 % on a totally diluted foundation”.
Written with the View : afaqs
