Masterstroke by Mukesh Ambani, converts this popular company into Reliance subsidiary, its name is…

The company said in a regulatory filing, “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.” 

Mukesh Ambani-led Reliance Industries expanded his empire after getting a new subsidiary as Viacom 18 on December 30, 2024. The development happened after the conversion of  24,61,33,682 compulsorily convertible preference shares (CCPS)  into an equivalent number of equity shares.

Formerly, the media company had been a subsidiary of  Network18 Media & Investments Ltd, a subsidiary of Reliance Industries Ltd (RIL).

As per a disclosure dated November 14, 2024, the company held 70. 49% stake in Viacom 18 on a fully diluted basis. 

The company said in a regulatory filing, “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.” 

“This comprised 5,57,27,821 equity shares and 24,61,33,682 compulsorily convertible preference shares (‘CCPS’). Viacom18 was a material subsidiary of Network18 Media & Investments Limited (‘Network18’),” the company said.

On December 30, billionaire Mukesh Ambani-led RIL converted 24,61,33,682 CCPS into equivalent shares, making it a direct subsidiary.