Home / Markets / Stock Markets /  Just Dial board approves allotment of 2 crore shares via preferential allotment to Reliance Retail

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.

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