- Reliance Retail has acquired a 40.95 percent stake in Just Dial for Rs 3,497 crores.
- Reliance Retail will make an open offer to acquire an additional 26 percent stake in Just Dial
- Out of the 40.95 percent stake, the Reliance Industries arm has received a preferential allotment of 2.12 crore equity shares
Mukesh Ambani’s Reliance Industries’ retail arm Reliance Retail has acquired a majority stake in local search and database company Just Dial. Reliance Retail will additionally make an open offer to public shareholders of Just Dial to acquire up to 26 percent stake, in accordance with takeover regulations set by market regulator SEBI, as pointed out in a report by Mint. Notably, out of the total 40.95 percent stake acquired by Reliance Retail, the Reliance Industries arm has received a preferential allotment of 2.12 crore equity shares.
Regarding this acquisition, Isha Ambani, Director of RRVL, was quoted as saying, “Reliance is excited to partner with Justdial and VSS Mani, a first-generation entrepreneur, who has created a strong business through his business acumen and perseverance. 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.“
Just Dial has today said that its board has already approved raising up to Rs. 2,164.8 crores through the issuance of shares on a preferential basis to RRVL, the report said. In a release, Just Dial highlighted that with these investments, the company would expand improve the quality of its platform, which has an existing database of around 30.4 million listings and consumer traffic of 129.1 million quarterly unique users (as of 31 March 2021).