Reliance Retail Ventures Limited, the retail arm of Reliance Industries Limited, will acquire a majority stake of 66.95 percent in B2B search engine Just Dial. Just Dial Founder VSS Mani would continue to lead the company as its managing director and chief executive officer
RRVL Director Isha Ambani
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Market heavyweight Reliance Industries (RIL) was trading half a percent higher, while Just Dial was trading lower by more than 4 percent in the morning session on July 19.
Reliance Retail Ventures Limited (RRVL), the retail arm of Reliance Industries Limited (RIL), is acquiring a majority stake of 66.95 percent in B2B search engine Just Dial, the company said on July 16.
As per the agreement, Just Dial Founder VSS Mani would continue to lead the company as its managing director and chief executive officer.
RRVL would hold 40.95 percent stake in the company and make an open offer to acquire up to 26 percent in accordance with the takeover regulations, a release said.
RIL share price was trading at Rs 2,117.50, up Rs 5.70, or 0.27 percent. It has touched an intraday high of Rs 2,124.00 and an intraday low of Rs 2,094.40. It was trading with volumes of 1,250,177 shares, compared to its five day average of 524,007 shares, an increase of 138.58 percent..
Just Dial was trading at Rs 1,024.35, down Rs 48.95, or 4.56 percent. It has touched an intraday high of Rs 1,085.00 and an intraday low of Rs 1,021.15.
Also read: Reliance Just Dial Deal | RRVL to acquire majority stake of 66.95% in VSS Mani’s B2B platform
Out of the 40.95 percent stakes acquired by Reliance Retail, it has received a preferential allotment of 2.12 crore equity shares, which is equivalent to 25.33 percent post preferential share capital at price per share of Rs 1,022.25.
“The capital infused by RRVL will help drive the growth and expansion of Just Dial into a comprehensive local listing and commerce platform. Just Dial would expand discovery on its platform and enhance transactions for millions of products and services,” the press release added.
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RRVL Director Isha Ambani said the deal with 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”.
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