Reliance Industries Limited — JV/Acquisition, 31-12-2024: Acquisition

Reliance Industries has converted 24,61,33,682 compulsorily convertible preference shares in Viacom 18 Media into an equivalent number of equity shares. As a result, Reliance's stake in Viacom 18 has increased to 83.88% of total equity, maintaining a 70.49% stake on a fully diluted basis. This conversion marks Viacom 18's transition to being a subsidiary of Reliance, as it has ceased to be a subsidiary of Network18. This strategic move is expected to enhance Reliance's media portfolio and strengthen its operational control.