RRVL on July 20, acquired 1.31 crore equity shares of ₹10 each of Just Dial at a price of ₹1,020/- per equity share from VSS Mani on the floor of the stock exchange through the block window facility, said RIL
Mumbai: Reliance Retail Ventures Limited has taken sole control of Just Dial Limited in accordance with the SEBI takeover regulations with effect from September 1, 2021, the company said today.
"RRVL on July 20, acquired 1.31 crore equity shares of ₹10 each of Just Dial at a price of ₹1,020/- per equity share from VSS Mani on the floor of the stock exchange through the block window facility. The acquisition represents 15.63% of the post-preferential issue paid-up equity share capital of Just Dial," said RIL in a statement today.
Reliance Retail will be classified as a promoter of Just Dial post this deal.
On September 1, 2021, Just Dial, pursuant to the preferential issue, allotted 2.12 crore equity shares of ₹10 each at a price of ₹1022.25 per equity share (including a premium of ₹1012.25 per equity share) representing 25.35% of the post-preferential issue paid-up share capital of Just Dial to RRVL.
Just Dial founder V.S.S. Mani will continue to lead the business-to-business (B2B) search engine as its managing director and chief executive officer.
The transaction will help RRVL 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 31 March).
Just Dial’s search engine platform provides search-related services to users across India through multiple platforms such as websites, apps, over the telephone, and text messages.
The company recently launched its B2B marketplace platform JD Mart, which is aimed at enabling millions of manufacturers, distributors, wholesalers and retailers to become internet-ready in the post-covid era, get new customers and sell their products online.