Reliance Retail Acquires Controlling Stake In Just Dial

Reliance Retail has now acquired sole control of local search engine platform Just Dial Limited, in accordance with SEBI regulations with effect from September 1

Reliance Retail Acquires Controlling Stake In Just Dial

Reliance Retail holds 40.98 per cent in Just Dial Limited

Reliance Retail - the retail arm of billionaire Mukesh Ambani-led Reliance Industries Limited, now holds the sole control of local search engine platform Just Dial Limited, with a stake of 40.98 per cent. The country's leading retailer has taken sole control of the internet technology B2B company in accordance with the Securities and Exchange Board of India (SEBI) takeover regulations with effect from September 1, 2021.

On July 20, Reliance Retail had acquired 1.31 crore equity shares of Rs.10 each of Just Dial at a price of Rs.1,020 per equity share from Mr. VSS Mani, Founder, just Dial, on the floor of the stock exchange through the block window facility. (Also Read: Reliance Retail Acquires 40.95% Stake In Just Dial For Rs 3,947 Crore )

The current acquisition represents 15.63 per cent of the post-preferential issue paid-up equity share capital of Just Dial, according to a regulatory filing by Reliance Industries to the stock exchanges today.

Pursuant to the preferential issue, Just Dial 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 per cent of the post-preferential issue paid-up share capital to Reliance Retail. 

It was reported earlier that with the acquisition, Mr VSS Mani will continue to lead Just Dial as its managing director and chief executive officer (CEO). The capital infused by Reliance will leverage Just Dial's existing database of about 30.4 million listings and its existing consumer traffic of around 129.1 million quarterly unique users.

On Thursday, September 2, shares of Reliance Industries settled 1.05 per cent higher at Rs 2,293.65 apiece on the BSE.