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Business News/ Companies / News/  Just Dial promoter Reliance Retail to sell 2% stake via open market
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Just Dial promoter Reliance Retail to sell 2% stake via open market

RRVL to sell stake via open market sale to achieving minimum public shareholding

On Monday, shares of Just Dial Ltd jumped 4.57% to settle at ₹621.20 apiece on the BSE. (Justdial)Premium
On Monday, shares of Just Dial Ltd jumped 4.57% to settle at 621.20 apiece on the BSE. (Justdial)

Billionaire Mukesh Ambani-led Reliance Retail Ventures Ltd (RRVL), the promoter of Just Dial Ltd, will sell a 2% stake in the company through an open market sale for achieving minimum public shareholding.

RRVL intends to complete the sale of the Sale Shares within a period of eight trading days beginning 21 December, 2022, the company said in a regulatory filing.

"RRVL shall be undertaking a sale of 16,86,119 (Sixteen lakh eighty six thousand one hundred and nineteen only) Equity Shares (“Sale Shares") constituting 2.00% of the total paid-up equity share capital of the Company," Just Dial said in a statement.

RRVL holds 66.40% stake in Just Dial as of 30 September, 2022. Promoter and promoter group entities together hold 76.98% stake in the company. According to regulatory norms, the total promoter holding in a firm shouldn't exceed 75%.

Last year, RRVL had acquired 66.95% in Just Dial Ltd for 3,497 crore, giving the retail arm of India’s most valuable company access to a database of millions of merchants and other users.

Reliance Retail was classified as a promoter of Just Dial post this deal.

Meanwhile, the local search engine company had reported a 58.6% jump year-on-year in net profit for the quarter ended September.

The company had reported an operating revenue of 205.3 crore, up 31.6% from the corresponding period in the previous year and 10.6% in the previous quarter. The adjusted operating EBITDA, excluding ESOP expenses, came at 19.5 crore.

On Monday, shares of Just Dial Ltd jumped 4.57% to settle at 621.20 apiece on the BSE.

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ABOUT THE AUTHOR
Meghna Sen
Business journalist tracking markets, companies, economy and crypto for Livemint. She has 6 years of experience with online and print publications. Email: meghnasen08@gmail.com
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Published: 19 Dec 2022, 10:25 PM IST
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