Business Markets

Reliance Retail Ventures acquires sole control of Just Dial

Mumbai (Maharashtra) [India], September 2 : The Reliance Retail Ventures Limited (RRVL) on Thursday announced that it has acquired the sole control of Just Dial Limited (Just Dial) in accordance with the SEBI Takeover Regulations with effect from September 1.
As per the company’s official release issued on Thursday, RRVL will hold 40.98 per cent in Just Dial Limited. “On July 20, RRVL acquired 1.31 crore equity shares of Rs 10 each of Just Dial at a price of Rs 1,020 per equity share from VSS Mani on the floor of the stock exchange through the block window facility,” the statement said.
“The acquisition represents 15.63 per cent of the post-preferential issue paid-up equity share capital of Just Dial.”
“On September 1, Just Dial, pursuant to the preferential issue, allotted 2.12 crore equity shares of Rs 10 each at a price of Rs 1022.25 per equity share (including a premium of Rs 1012.25 per equity share) representing 25.35 per cent of the post-preferential issue paid-up share capital of Just Dial to RRVL,” it said.
Reliance Retail Ventures Limited is a subsidiary of Reliance Industries Limited and holding company of all the retail companies under the RIL Group. RRVL reported a consolidated turnover of Rs 157,629 crore (USD 21.6 billion) and a net profit of Rs 5,481 crore (USD 750 million) for the year ended March 31, 2021.
Just Dial is India’s leading local search engine platform which provides search-related services to users across India through multiple platforms such as websites, apps, over the telephone, and text. Just Dial had ~30.4 million listings and 129.1 million quarterly unique users across the web, mobile, App, and voice platforms as of March 31, 2021. 

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