Reliance Retail Ventures Completes Acquisition of Just Dial
Reliance Industries retail subsidiary, Reliance Retail Ventures Ltd (RRVL) on Thursday has taken sole control of 25-year-old search and discovery firm Just Dial Ltd in accordance with the SEBI takeover regulations, effective from September 1, 2021.
Reliance Industries Ltd (RIL) in a statement said RRVL has acquired 1.31 crore equity shares of face value Rs 10 each of Just Dial at a price of Rs 1,020 per equity share from VSS Mani, Founder, MD & CEO Just Dial through block window facility on July 20, 2021.
Just Dial's 1.31 crore equity shares represent 15.63% of the post-preferential issue paid-up equity share capital of the company. VSS Mani will continue to lead the business-to-business (B2B) search engine as managing director and chief executive officer of the company.
On September 1, Just Dial alloted 2.12 crore preferential equity shares of face value Rs 10 each at a price of Rs 1022.25 per equity share representing 25.35% of the post-preferential issue paid-up share capital of the company to RIL's retail business.
The acquisition will help Reliance's retail unit to leverage Just Dial's existing database of 30.4 million listings and its existing consumer traffic of 129.1 million quarterly unique users as of March 31, 2021.
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