Reliance Retail acquires sole control of Just Dial
Billionaire Mukesh Ambani-led Reliance Retail on Thursday said it has acquired the sole control of 25-year-old search and discovery firm Just Dial.
The firm’s subsidiary Reliance Retail Ventures had in July announced a deal to buy a controlling stake in Just Dial for Rs 3,497 crore. “RRVL has now taken sole control of Just Dial Ltd in accordance with the Sebi Takeover Regulations with effect from September 1, 2021,” a statement said.
On July 20, 2021, RRVL acquired 1.31 crore equity shares of Rs 10 each of Just Dial at a price of Rs 1,020 per equity share from V.S.S. Mani, founder and chief executive of Just Dial, in a block deal.
“The acquisition represents 15.63 per cent of the post-preferential issue paid-up equity share capital of Just Dial,” the statement said.
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, representing 25.35 per cent of share capital, to RRVL.
Together, RRVL now holds 40.90 per cent in Just Dial. Just Dial offers local search and e-commerce services through its website, mobile apps and telephone line.
RRVL will now make an open offer to buy a 26 per cent stake from other shareholders of Just Dial. Just Dial’s acquisition is one of many that RIL or its subsidiaries, including Jio Platforms and Reliance Retail, have done in recent months.