Viacom18 becomes direct subsidiary of Reliance Industries

Viacom18 Media, a media and entertainment company, has become a direct subsidiary of Reliance Industries (RIL). This shift follows the conversion of over 24.61 crore compulsorily convertible preference shares (CCPS) into an equivalent number of equity shares.

On December 30, Reliance Industries converted 24,61,33,682 CCPS into an equivalent number of equity shares, following approval from the shareholders of Network18. Previously, Viacom18 was a material subsidiary of Network18 Media & Investments Ltd, which itself was a subsidiary of Reliance Industries.