July 17, 2021 4:03:31 am
Reliance Retail Ventures Limited (RRVL), the retail arm of Reliance Industries Limited (RIL), will acquire a majority stake of 66.95 per cent in B2B search engine Just Dial for Rs 3,497 crore.
RRVL will hold 40.95 per cent and would make an open offer to acquire up to 26 per cent in accordance with Sebi takeover regulations. VSS Mani will continue as managing director and chief executive officer of Just Dial, RIL said in a stock exchange filing.
The deal will involve a preferential allotment of 2.12 crore equity shares (equivalent to 25.33 per cent post preferential share capital) at Rs 1,022.25 per share and acquisition of 1.31 crore equity shares by RRVL from VSS Mani (equivalent to 15.62 per cent post preferential share capital) at a price per share of Rs 1,020.
“The capital infused by RRVL will help drive the growth and expansion of Just Dial into a comprehensive local listing and commerce platform,” the filing said.
These investments will 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 2021), it added.
Reliance Retail director Isha Ambani said, “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.”
“Our vision has evolved to not only provide search and discovery but drive commerce across merchants through our B2B platform and enable further consumer to merchant commerce given our platform engagement,” said Mani.
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