Reliance Retail Ventures acquires sole control of Just Dial
Reliance Retail Ventures, retail arm of Reliance Industries, has taken sole control of Just Dial Limited in accordance with the Sebi takeover regulations with effect from September 1, 2021, the company said on Thursday.
“RRVL on July 20, acquired 1.31 crore equity shares of Rs 10 each of Just Dial at a price of Rs 1,020/- per equity share from 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 Just Dial,” said RIL in a statement.
Reliance Retail will be classified as a promoter of Just Dial post this deal.
On September 1, 2021, Just Dial, pursuant to the preferential issue, allotted 2.12 crore equity shares of Rs 10 each at a price of Rs 1,022.25 per equity share (including a premium of Rs 1,012.25 per equity share) representing 25.35% of the post-preferential issue paid-up share capital of Just Dial to RRVL.
Just Dial, a leading local search engine platform, provides search related services to users across India through multiple platforms such as website, apps, over the telephone and text. Just Dial had 30.4 million listings and 129.1 million quarterly unique users across web, mobile, App and voice platforms as of March 31, 2021. The company has recently launched its B2B marketplace platform, JD Mart, which is aimed at enabling millions of India’s manufacturers, distributors, wholesalers, retailers to become internet ready in post-Covid era, get new customers and sell their products online. The platform offers digital product catalogues to businesses and aims at digitalizing India’s businesses, especially MSMEs, across categories.
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