Sole control of Just Dial acquired by Mukesh Ambani led Reliance Retail
Mukesh Ambani-led Reliance Retail Ventures Limited (RRVL) on Thursday announced that had it acquired the sole control of Just Dial Limited.
Mukesh Ambani-led Reliance Retail Ventures Limited (RRVL) on Thursday announced that had it acquired the sole control of Just Dial Limited in accordance with SEBI Takeover Regulations. Reliance Retail said that the change, which entails the company acquiring sole control of Just Dial, came into effect on September 1.
As per the details shared by Reliance Retail or RRVL, on July 20, it acquired 1.31 crore equity shares of Rs10 each from Just Dial at a price of Rs1,020 per equity share from Just Dial CEO VSS Mani on the floor of the stock exchange through the block window facility. The acquisition represents 15.63% of the post-preferential issue paid-up equity share capital of the company.
Furthermore, Reliance Retail in the release said that Just Dial allotted 2.12 crore equity shares of Rs. 10 each at a price of ₹1022.25 per equity share, including a premium of Rs. 1012.25 per equity share, representing 25.35% of the post-preferential issue paid-up share capital of Just Dial to the company.
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With this Reliance Retail Ventures Limited has completed acquiring a 40.98% stake in Just Dial.
Notably, the announcement of Reliance Retail acquiring sole control of Just Dial comes shortly after the company back in July this year announced that it was acquiring a controlling stake in the 25-year-old internet search and discovery company for 57.2 billion rupees ($767 million).
“Reliance is excited to partner with Justdial and Mr. VSS Mani, a first-generation entrepreneur, who has created a strong business through his business acumen and perseverance,” Director at Reliance Retail, Isha Ambani had said in a statement at the time adding that “the investment in Just Dial underlines our commitment to new commerce by further boosting the digital ecosystem for millions of our partner merchants, micro, small and medium enterprises. We look forward to working with the highly experienced management team of Just Dial as we further expand the business going forward.”
RRVL is a subsidiary of Reliance Industries Limited (RIL) and holding company of all the retail companies under the RIL Group. Just Dial is a local search engine platform in India that provides search-related services to users across India through multiple platforms such as website, apps, over the telephone and text.
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