Reliance Retail holds 40.98 percent stake in Just Dial Limited
Reliance Retail – the retail arm of billionaire Mukesh Ambani-led Reliance Industries Ltd., now holds sole control of local search engine platform Just Dial Ltd with a 40.98 per cent stake. The country’s leading retailer has taken sole control of the Internet technology B2B company with effect from September 1, 2021, as per the Securities and Exchange Board of India’s (SEBI) takeover rules.
On 20 July, Reliance Retail had acquired 1.31 crore equity shares of Just Dial for Rs 10 each at a price of Rs 1020 per equity share from Mr. VSS Mani, Founder, Just Dial on the stock exchange floor. Block window feature. (Read also: Reliance Retail acquires 40.95% stake in Just Dial for Rs 3,947 crore )
According to a regulatory filing given by Reliance Industries to the stock exchanges today, the current acquisition represents 15.63 per cent of Just Dial’s post-preferential issue paid-up equity share capital.
As per 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) – paying 25.35 per cent of the post-preferential issue – Reliance Share capital to Retail.
It was earlier reported that with the acquisition, Mr. VSS Mani will continue to lead Just Dial as its Managing Director and Chief Executive Officer (CEO).
On Thursday, September 2, Reliance Industries’ shares closed at Rs 2,293.65, up 1.05 per cent on the BSE.
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