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Reliance Retail acquires 40.95% stake in Just Dial for Rs 3,947 crore

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The company will make an open offer to take an additional 26 per cent stake. (file photo)

New Delhi:

famous industrialists of india Mukesh Ambani Reliance Retail, the retail arm of Mukesh Ambani-led Reliance Industries Limited, will acquire a majority stake of 66.95 percent in Internet technology B2B company Just Dial. According to an official statement issued by Reliance Retail Ventures, Reliance Retail Ventures will hold 40.95 percent stake in Just Dial. The company has acquired this stake for Rs 3,947 crore.

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Retail company set by market regulator SEBI acquisition rules Accordingly, will make an open offer to take an additional 26 percent stake.

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With the acquisition, Just Dial founder VSS Mani will continue to lead the company as the Managing Director and Chief Executive Officer (CEO) of the company.

Out of the total 40.95 per cent acquired by the Reliance Industries subsidiary, it has received preferential allotment of 2.12 crore equity shares, which is equivalent to 25.33 per cent of the preferred share capital at a price of Rs 1,022.25 per share.

Reliance Retail has acquired 1.31 crore equity shares from VSS Mani, equivalent to 15.62 per cent post preferred share capital, at a price of ₹1,020.00 per share.

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