1 min read.Updated: 02 Sep 2021, 11:44 AM ISTLivemint
Post such preferential allotment, Reliance Retail holds 40.98%- of the total paid-up equity share capital of the company, Just Dial said
Just Dial on Thursday announced that the company's board has approved the allotment of 2.12 crore equity shares at ₹1,022.25 per share via preferential allotment on a private placement basis for cash consideration to Reliance Retail Ventures (RRVL).
Post such preferential allotment, Reliance Retail holds 40.98%- of the total paid-up equity share capital of the company, Just Dial said in an exchange filing.
In August, Just Dial shareholders had approved plans to issue shares worth ₹2,165 crore through a preferential allotment to Reliance Retail. The deal, announced in July, will see RRVL acquire a 66.95% stake 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.
The RIL subsidiary will also acquire 13.1 million equity shares from Just Dial’s founder Mani (equivalent to 15.62% post preferential share capital) at a price per share of ₹1,020. This would give a controlling stake of 40.95% to RRVL in Just Dial. Reliance Retail will be classified as a promoter of Just Dial post the deal, it had said. 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.